Rupee up 28 paise against U.S. dollar

The rupee recovered by 30 paise to Rs. 60.92 against the U.S. dollar in early trade on Thursday at the Interbank Foreign Exchange market following encouraging IIP and CPI numbers. File photo

The rupee was trading up by 28 paise to 60.94 against the U.S. dollar in morning trade on fresh selling of the American currency by banks and exporters in view of strong foreign capital inflows and firm local equity market.

The rupee resumed higher at 61.01 per dollar as against the last closing level of 61.22 at the Interbank Foreign Exchange market. It improved further to 60.90 before quoting at 60.94 per dollar at 1035 hrs.

The domestic currency hovered in a range of 60.90-61.10 per dollar during morning deals.

The rupee had lost 28 paise to close at 61.22 on Wednesday against the U.S. currency due to sustained dollar demand from importers.

Industrial output entered positive territory and recorded a 0.1 per cent growth in January after contracting for three months in a row, while February retail inflation slowed to a 25-month low of 8.10 per cent from 8.79 per cent in January.

Meanwhile, the benchmark BSE Sensex rose by 121.70 points, or 0.56 per cent, to 21,977.92 at 1035 hrs.