Rupee Edges Higher To 67.81 Against Dollar

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Mumbai: The rupee edged higher by 2 paise to 67.81 against the US dollar in early trade on Friday at the interbank foreign exchange on fresh selling of the US currency by exporters.

Forex dealers said apart from selling of the greenback, a higher opening in domestic equity market and the dollar’s weakness against some currencies overseas also supported the rupee.

On Thursday, the rupee took a sharp plunge of 40 paise against the US dollar to close at 67.83 as the US currency gained strength after the Federal Reserve announced a rate hike of 25 bps to 50-75 bps.

The US central bank hiked interest rates for only the second time since the financial crisis even as hawkish outlook signalled more rate hikes in 2017.

World financials and currency markets too reacted vehemently to the landmark outcome, ending months of lingering confusion and uncertainty.