Rupee rises for third session vs USD, up by 14 paise

Mumbai: Continuing its rising trend for the third straight day, the rupee on May 15 rose by another 14 paise against the American currency to close at 63.51 on sustained selling of dollars by banks and exporters amid gains in equities. Banks and exporters preferred to reduce their dollar position on expectation of more foreign capital inflows in view of recovery in the equity market.

At the Interbank Foreign Exchange, the domestic unit resumed strong at 63.50 a dollar from previous close of 63.65 and later moved in a range of 63.46 and 63.60 before concluding at 63.51, disclosing a gain of 14 paise of 0.22 per cent. It has gained by 66 paise or 1.03 per cent in the three days.

However, the dollar index was trading higher by 0.36 per cent against its major global rivals today. While, in New York market, the dollar finished broadly lower for the third straight day yesterday and was on track to record a fifth straight week of losses against the euro, as Treasury yields moved lower.

The Indian benchmark Sensex on May 15 rebounded by 118 points to end at 27,324.00 following forecast of timely arrival of southwest monsoon by IMD late on May 1 amid short-coverings on the last trading day of the week.