Indian rupee rises to near one-week high against US dollar

A dealer tips US dollar in a 61.80-62.60 band against Indian rupee for the session.

Written by Agencies | Mumbai | Published: October 3, 2013 9:49:03 am

The Indian rupee rises to a near one-week high,tracking global dollar weakness. The pair is at 62.13/15,62.05 intraday low,versus Tuesday’s close of 62.46/47.

“The market is looking at the overall behaviour of the US dollar and the developments in the US,” says a senior dealer with a private bank.

Besides,increased US dollar selling by exporters and a higher opening in the domestic equity market also supported the Indian rupee,forex dealers said.

The Indian rupee had gained 14 paise to close at 62.46 against the dollar in previous session on Tuesday,supported by a better-than-expected current account deficit data.

Indian markets were closed on Wednesday for a national holiday.

A dealer tips US dollar in a 61.80-62.60 band for the session with upticks to be sold into.

USD languished at eight-month lows early in Asia on Thursday as the U.S. government shutdown dragged on,while positive developments in Italian politics and a watchful but patient European Central Bank helped lift the euro.

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