Rupee Surges 26 Paise Against US Dollar In Early Trade
Mumbai: The Indian Rupee on Wednesday appreciated by 26 paise to 70.44 against the US Dollar in early trade after retail inflation fell to a 19-month low of 2.05 percent in January.
Forex dealers said the increasing weakness of the American Dollar against some currencies overseas as investors shifted their focus to riskier asset amid the US-China trade tiff also supported the rupee’s upward spree. Besides, selling of the American currency by exporters supported the rupee.
Meanwhile, the benchmark BSE Sensex rose 184.68 points, or percent cent, to trade at 36,338.30.
On Tuesday, the rupee had gained 48 paise to end at a one-month high of 70.70 against the US dollar, registering its sixth straight session of gain. In the last six trading sessions, the rupee has gained 110 paise.