The rupee strengthened against the dollar, supported by positive sentiment in the local stock market and as global crude oil prices declined.

Currency dealers awaited fresh economic data before taking new positions after a four-day long weekend as the currency market was shut for business on Friday and Monday.

At 2.25pm the rupee was trading at 60.6750, up 0.16% from the previous close of 60.77. It had opened flat at 60.775 and touched a high of 60.6575, its strongest level in August.

Dealers said a drop in global crude oil prices helped the rupee though trade was still picking up after a four-day break.
Brent crude for October delivery has dropped to near $101 per barrel this week from a high of more than $113 per barrel in June as geopolitical risks in West Asia receded.

The 30-share S&P BSE Sensex rose 0.11% to 26,418.89 while the National Stock Exchange’s broader 50-share Nifty rose 0.23% to 7,892.45 points.

Since January, the rupee has gained 1.86%. The dollar index, which measures the US currency’s strength against major currencies, trading at 81.659, up 0.1% from the previous close of 81.576.The 10-year bond rose to 8.53% from previous close of 8.52%. It had opened at 8.51%.

Source:- livemint.com