Rupee gains some strength against dollarhttps://indianexpress.com/article/business/market/rupee-gains-some-strength-against-dollar/

Rupee gains some strength against dollar

Rupee was quoted at 49.92/93 against dollar due to fresh fall in equity markets.

The Indian rupee was quoted by four paise lower to 49.92/93 against the Greenback in early trade on Wednesday due to fresh fall in equity markets.

In the Interbank Foreign Exchange (forex) market,the domestic currency resumed lower at 50.00/02 a dollar against its previous close of 49.88/90 a dollar and was quoted at 49.92/93 at 1030 hrs after moving in a range of 49.85 and 50.10.

Mild demand for US dollars from banks on behalf of oil companies also affected the rupee value.

Dollar’s strength against some other Asian currencies also put pressure on the rupee.

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The BSE-benchmark sensex dropped by 77.72 points or 0.71 per cent to 10,889.50 in the early trade.

Oil prices continued to fall in Asian trade on Wednesday as slumping US retail sales fuelled worries of a slowdown in global oil demand,analysts said.

New York’s main futures contract,light sweet crude for delivery in May,eased nine cents to USD 49.32 a barrel.