Rupee wipes off early losses

MUMBAI, JULY 2:  

The rupee wiped off its early losses and was trading a tad strong at 60.04 against the dollar on sustained capital inflows and a higher opening in the domestic equity market.

Dealers attributed the rise in domestic currency to sustained selling of the dollar by exporters amid heavy foreign capital inflows.

Besides, dollar’s weakness against other currencies overseas also supported the rupee’s rise, they added.

The rupee opened a tad weak at 60.09 per dollar against the previous close of 60.07.

The domestic unit rose 10 paise — its biggest single-day rise in over ten days — to end at 60.07 against the dollar after the government hiked fuel and LPG prices to ease the subsidy burden and rise in stocks.

Meanwhile, the benchmark BSE Sensex surged 216.52 points or 0.84 per cent to hit a new record high of 25,732.87 in opening trade.