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Rupee Furthers Gains by 10 Paise in Early Trade

A weaker auto sales data has added to worries that the Federal Reserve may eventually take a more dovish-than- expected view on rate hikes over the remainder of the year.

PTI

Updated:May 3, 2017, 10:09 AM IST
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Rupee Furthers Gains by 10 Paise in Early Trade
Representative image. (PTI Photo)
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Mumbai: The rupee advanced by another 10 paise to 64.11 against the US dollar in early trade on Wednesday amid sustained selling of the American currency by exporters.

Forex dealers said a higher opening in domestic equities besides weakness in the dollar overseas on weak US April auto sales supported the rupee.

A weaker auto sales data has added to worries that the Federal Reserve may eventually take a more dovish-than- expected view on rate hikes over the remainder of the year.

On Tuesday, the rupee had gained 3 paise against the US dollar to end at 64.21 ahead of the US Federal Reserve's meeting on interest rate. Meanwhile, the benchmark BSE Sensex rose by 99.41 points, or 0.33 per cent, to 30,020.59 in early trade on Wednesday.

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