Rupee gains 12 paise against United States dollar

Indian shares surged on the back of results of domestic companies and the French vote for Presidential elections

The market on Wednesday witnessed a surge in the Indian rupee in its initial gains and breached the 64 mark against the USA dollar.

The rupee opened 5 paise higher at 64.11 against the dollar on Friday amid fresh selling of the greenback by banks and exporters.

Angel Broking believes the USD-INR spot is likely to trade in a range-bound manner on Friday as the forthcoming long weekend would stop traders from carrying forward any positions. Local currency declined 4 paise or 0.06 percent against dollar to settle at 64.15.

Indian shares surged 1% and the rupee gained against the dollar on modest earnings growth by domestic companies and tracking global markets, which were upbeat after liberal Emmanuel Macron won the first round of the French presidential election.

The rupee had appreciated by a whopping 50 paise in the last three days.

The greenback traded modestly higher against major trading counterparts as well as anticipation that President Donald Trump will unveil his tax plan on Wednesday aimed at spurring growth in the U.S. economy.

The RBI, meanwhile, fixed the reference rate for the dollar at 64.0013 and for the euro at 70.0430.

Indian rupee has declined against U.S. dollar on Thursday.

The benchmark six-month premium for September was quoted at 141-142 paise from 140-142 paise, while the far-forward March 2018 firmed up to 303-304 paise from 298-301 paise on Tuesday. In the worldwide commodity front, crude prices remained under pressure weighed down by oversupply, but losses were limited by expectations that major exporters would agree to extend production cuts to try to rebalance the market.

The brent crude futures was up 8 cents at United States dollars 51.68 a barrel, while U.S. crude futures were up 10 cents at USD 49.33 a barrel in early Asian trade.

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