Rupee closes 14 paise higher against dollar

MUMBAI: The rupee strengthened by 14 paise to close at 66.41 against the US dollar today on persistent selling pressure from banks and exporters amid hopes of resumption of foreign capital inflows in equity markets.

The domestic unit resumed sharply higher at 66.38 against yesterday's level of 66.55 at the Interbank Foreign Exchange (Forex) market.

It hovered in a range of 66.24 to 66.46 during the day before finishing at 66.41, showing a gain of 14 paise, or 0.21 per cent.

The domestic currency has gained 41 paise, or 0.62 per cent, in last two trading sessions.

In the global market, the dollar index was up by 0.41 per cent against a basket of six currencies.

Oil prices edged higher in Asian trade as dealers set aside weak Chinese trade data and look ahead to the release of a US stockpiles report, analysts said.

The euro strengthened against the dollar yesterday after strong readings on trade and economic growth in the Eurozone helped support the shared currency.

The euro benefited from second-quarter economic growth in the Eurozone, which was revised higher to 0.4 per cent, while trade data showed July was a good month for German exporters.

Meanwhile, the benchmark BSE Sensex rose further by 401.71 points, or 1.59 per cent, to settle at 25,719.58.