The rupee strengthened by 30 paise to 66.25 against the US dollar in early trade on Wednesday at the Inter-bank Foreign Exchange on increased selling of American currency by exporters.A fall in the dollar against major world currencies globally after data showed new US home construction slumped in March to the lowest pace since October helped strengthen the domestic currency, dealers said.

Besides, increased selling of the dollar by exporters and banks and a higher opening in the domestic equity market propped up the rupee, dealers said.The rupee had recovered 9 paise to end at 66.55 on Monday on fresh selling of the greenback in view of its weakness in the overseas market.Forex market was shut on Tuesday on account of ‘Mahavir Jayanti’.Meanwhile, the benchmark BSE Sensex rose 137.47 points, or 0.53 per cent, to trade at 25,953.83.

Source : thehindu.com

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