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Indian rupee rises against dollar for 3rd consecutive day
December 6, 2013, 9:26 am

Forex reserves had risen by $1.51 billion to touch $279.24 billion for the week ended October 11  [AP]

The domestic currency hovered in a range of 61.59 to 61.70 per dollar during late morning deals [AP]

The Indian rupee rose for the third consecutive day on Friday gaining another 11 paise to 61.64 per dollar on persistent selling of the US currency by banks and exporters in view of strong foreign capital inflows.

The weakness of dollar in the overseas market also boosted the Indian currency’s value, according to forex dealers.

The rupee resumed higher at 61.64 per dollar as against the last closing level of 61.75 at the Interbank Foreign Exchange market.

It firmed up further to 61.59 before quoting at the same opening level of 61.64 per dollar at 10:45 am.

The domestic currency hovered in a range of 61.59 to 61.70 per dollar during late morning deals.

Banks and exporters preferred to reduce their dollar position on the back of strong capital inflows from foreign funds coupled with lower dollar in the global market.

In the New York market, the dollar fell to its lowest level against the euro in more than a month yesterday after European Central Bank President Mario Draghi signalled that the bank does not have any immediate plans to ease policy further.

Meanwhile, the benchmark BSE-30 share index Sensex moved up by 26.38 points, or 0.13 per cent, to 20,984.19 at 10:45 am.

In a speech at a summit in New Delhi on Friday, Indian Prime Minister Manmohan Singh has said the Indian “economy is on a rising growth trajectory” despite global challenges.

Singh, an economist credited with leading a crucial wave of reforms in the early 1990s, has repeatedly blamed international factors for the rupee’s sharp decline over the summer this year.

Source: Agencies