Rupee gains against US dollar for fourth day

Mumbai, July 4 (IANS) Signalling its current strength, the Indian rupee gained for the fourth consecutive session of trade in the currency markets, appreciating five paise to close on Monday at 67.27 against the US dollar, from its previous close of 67.32.

The rupee climbed on Monday on the back of sustained selling of the American currency by banks and exporters. It had closed 20 paise higher on Thursday at 67.32 to the US dollar.

According to dealers, a higher opening in the domestic equity market amidst hopes of pick-up in foreign capital inflows, and a weakening of the US dollar against other currencies added to rupee gains.

Meanwhile the US dollar has been declining against most major currencies after soaring for two sessions on Britain’s vote on June 24 to leave the European Union.

Healthy monsoon rains, coupled with positive inflow of foreign funds and appreciation in crude oil prices buoyed the Indian equity markets on Monday, while the rupee has emerged as one of the most stable currencies on the back of improved macro-economic indicators.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,314.44 points, closed at 27,278.76 points — up 133.85 points or 0.49 per cent from the previous close at 27,144.91 points.

The Sensex regained the 27,000-mark on Friday to close at 27,144.91 points – up 145.19 points or 0.54 per cent from its previous close at 26,999.72 points.

–IANS

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