The dollar turned weak globally, which supported the rupee up move
Looking good for the seventh session, the rupee advanced another 5 paise to 67.42 against the dollar (18.36 Dirham) in early trade today as there was no let-up in selling of the American currency by exporters and banks.
The dollar turned weak globally, which supported the rupee up move. But this was offset by fresh losses in domestic equities, dealers said.
Yesterday, the local currency ended at 1-1/2 month high of 67.47 by rising 40 paise, its biggest single-day gain this year, on the back of frantic dollar offloading amid expectations of a Fed rate hike delay.
In the meantime, the benchmark Sensex traded lower by 50.61 points, or 0.18 per cent, at 28,091.03 in early session.
SOURCE: Khaleej Times Feb 2, 2017 – http://www.khaleejtimes.com/business/gold-forex/rupee-gains-against-dollar-touches-1836-vs-dirham