Rupee continues to recover, gains 14 paise against US dollar

The dollar’s weakness against some currencies overseas after US President Donald Trump’s decision to cancel a summit with North Korean leader Kim Jong Un, supported the rupee.

The rupee continued to recover for a second day on Friday, climbing 14 paise to 68.20 against the dollar on increased selling of the greenback by exporters and banks amid rising domestic equity market.

Forex dealers said, besides increased selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.

The dollar’s weakness against some currencies overseas after US President Donald Trump’s decision to cancel a summit with North Korean leader Kim Jong Un, supported the rupee.

On Thursday, the local currency had rebounded from near 18-month low to close with gains of 8 paise at 68.34 against the US dollar as the greenback fell against global currencies after minutes of the Federal Reserve committee revealed a relatively dovish stance over interest rate hikes.

Meanwhile, the benchmark BSE Sensex jumped 187.14 points, or 0.54%, to 34,850.25 in early morning trade.