Gold Silver Reports — The Indian rupee commenced almost flat against the dollar in early trades on Friday, 24 March 2017 and recovered further thereon. Fresh selling of the American currency by exporters and banks amid higher opening in the domestic equity market bolstered the domestic currency. However, a strong dollar in global markets capped the rupee gains.
The domestic currency opened at Rs 65.5150 against the dollar and climbed to a high of 65.4275 so far during the day. In the spot currency market, the Indian unit was last seen trading at 65.4675. Yesterday, the rupee had lost 8 paise to close at 65.52 against the US currency due to bouts of dollar demand from importers and banks.
Domestic benchmark indices drifted higher in early trade on positive Asian stocks. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 42.02 points or 0.14% at 29,332.16. The Nifty 50 index was up 7.25 points or 0.08% at 9,093.55.
Overseas, most Asian stocks were trading higher, despite a delay in US President Donald Trumps attempt to repeal and replace the Affordable Care Act, as markets maintained cautious optimism ahead of a planned final vote.
US stocks closed slightly lower yesterday, 23 March 2017 as a delay in a closely watched health-care vote raised questions about the President Donald Trumps administrations ability to win passage of its ambitious legislative agenda.
Meanwhile, the dollar edged up against the yen and euro on Friday, pulling away from recent lows, but gains were capped as investors focused on a showdown between U.S. President Donald Trump and members of his own party over a new healthcare bill. The dollar index (DXY) against a basket of major currencies was up 0.2 percent at 99.941. It was on track to lose 0.35 percent this week, during which it stooped to a seven-week low of 99.547. — Money Market Guru — Pia