Rupee extends gains; opens at 73.80 against US dollar

Besides dollar-selling by exporters and banks, the greenback's weakness against some currencies overseas, helped the recovery in the domestic currency.

Oct 12, 2018 04:10 IST India Infoline News Service

The Indian rupee strengthened for the third consecutive session and opened higher on account of some selling of the American currency by banks and exporters. The rupee gained by 45 paise at 73.80/$.

Besides dollar-selling by exporters and banks, the greenback's weakness against some currencies overseas, helped the recovery in the domestic currency.

On the economy front, the government will release Consumer Price Index-based (CPI) inflation and Index of Industrial Production (IIP) data today.

On the international front, Brent crude fell 3% to trade at $80.37 a barrel in the global market.

The local currency ended higher by 9 paise at 74.13 per dollar on Thursday’s session.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs74.38, while for the Euro it was Rs85.90. The RBI’s reference rate for the Yen stood at Rs66.29; reference rate for the Great Britain Pound (GBP) stood at Rs98.29.

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