Rupee strengthens against dollar; hits one-month high

NEW DELHI: Strengthening for the fourth straight session, rupee appreciated 15 paise to 63.36 against dollar in trade as weak data in the US overnight diminished hopes of kick start of rate hikes by the US Fed this calendar.

The domestic currency had closed at 10 paise up at 63.51 against the greenback, thanks to sustained selling of the US currency by banks and exporters.

Dollar index, which tracks dollar movement against a basket of major world currencies, stood almost flat at 96.05. The greenback fell against the pound and euro after disappointing non-farm payrolls figures cast doubt over an early rise in interest rates.

Euro gained even as the International Monetary Fund (IMF) acknowledged that Greece will need an extra 50 billion euros ($55 bn) over the next three years to stabilise its finances under the existing, disputed bailout plans.

The IMF has also cut forecast for Greek economic growth from 2.5 per cent to zero.

The dollar index, which touched a high of 100.33 on March 31, has retreated a bit. The index has touched a low of 93 this year, before gaining some ground on hopes of kick start of Fed rate hikes this year.