Rupee up 25 paise, snaps 2-day losing streak

The rupee snapped its two-session of losing string and recovered by 25 paise to close at 52.71/72 against the US currency today on fresh dollar selling by exporters and a smart rally in local equities.

A weak dollar overseas amid renewed capital inflows too aided the rupee sentiment, a dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened higher at 52.85/86 a dollar from last weekend's close of 52.96/97.

Later, it moved in a range of 52.93 and 52.67 before settling the day at 52.71/72, a rise of 0.47%. In last two sessions, it had fallen by 46 paise, or 0.88%.

The BSE benchmark Sensex today rebounded by 232.05 points or 1.47% on strong US economic data last weekend amid lack of any major cues today from overseas markets due to holidays, which mainly supported the rupee.

Fresh dollar selling by exporters and banks on holidays in key overseas markets since today also aided the rupee rise.

The dollar index, consisting of six major rivals, was down by nearly 0.2% while New York crude oil was trading below $100 a barrel in European market today.

Foreign Institutional Investors (FIIs), after pulling out $468.98 million in straight ten sessions since December 9, bought shares worth $51.60 million on December 23.