Rupee Gains 8 Paise to Trade at One-Week High of 64.88

Mumbai: The rupee firmed up by 8 paise to trade at over one-week high of 64.88 against the American currency in opening trade on Wednesday on dollar selling by exporters and banks amid foreign capital inflows.

The dollar’s weakness against other currencies overseas after a key advocate for free trade in the White House announced his resignation, fanning fears that President Donald Trump would go ahead with import tariff hike and risk a trade war, also supported the rupee sentiment, a currency dealer said.

The domestic unit moved between 64.92 and 64.87 at the interbank forex market in early trade.

On Tuesday, the rupee had gained 16 paise to close at 64.96 on steady unwinding of dollars by exporters and corporates. Foreign portfolio investors (FPIs) bought shares worth Rs 620.08 crore on Tuesday, as per provisional data released by stock exchanges.