Rupee strengthens by 14 paise against dollar in early trade

The rupee strengthened by 14 paise to 64.34 against the US dollar in early trade on Friday on back of sustained selling of the American currency by banks and exporters.

Forex dealers said besides continued selling of the greenback, weakness in dollar against other currencies overseas and a higher opening of the domestic equity market backed up the rupee. Representational Image. Image Source: ZeeBiz WebDesk

Rising for the third straight day, the rupee strengthened by 14 paise to 64.34 against the US dollar in early trade at the Interbank Foreign Exchange market on Friday on sustained selling of the American currency by banks and exporters.

Forex dealers said besides continued selling of the greenback, weakness in dollar against other currencies overseas and a higher opening of the domestic equity market backed up the rupee.

ALSO READ: Rupee likely to trade in narrow range of 64.10 to 64.80 this week

The rupee had firmed up by 3 paise to close at 64.48 on Thursday's trade, shrugging off weaker-than-expected gross domestic product (GDP) numbers.

Meanwhile, the benchmark BSE Sensex spurted by 194.97 points or 0.62%, to hit an all-time high of 31,332.56 in opening trade.

ALSO READ: Rupee appreciation likely to hurt margins of TCS, Infosys, others in Q1 FY18: Experts

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