Rupee rules firm for 3rd day, up 10 paise to 67.04

Favourable outcome from Fed meet, positive June quarter earnings and push for GST reforms lifted domestic equity market

The rupee continued to rule firm for the third day today, moving up by another 10 paise to 67.04 per dollar on persistent selling of the American currency by banks and exporters in view of sustained foreign capital inflows into domestic equities.

Weakness of dollar in the overseas market also boosted the rupee value against the dollar, a forex dealer said.

A favourable outcome from the US Federal Reserve's rate-setting meeting and positive June quarter earnings amid a renewed push for GST reforms lifted the domestic equity market today.

The rupee opened higher at 67.06 as against the yesterday's closing level of 67.14 at the Interbank Foreign Exchange (Forex) market and hovered in a range of 66.9975 and 67.1050 before ending at 67.04 per dollar, showing a gain of 10 paise or 0.15 per cent.

The rupee has gained by 31 paise or 0.46% in three days.

The dollar index was trading down 0.21% against a basket of six currencies in the late afternoon trade.

Meanwhile, the RBI fixed the reference rate for the dollar at 67.0550 and euro at 74.3650.

In cross-currency trades, the rupee fell against the pound sterling to close at 88.24 from 87.97 yesterday and also dropped against the euro to settle at 74.31 from 73.83 previously.

The domestic currency also fell against the Japanese yen to 63.99 per 100 yens from 63.61.