Rupee snaps losing streak, up 53 paise

The Indian rupee snapped its 4-day losing streak by recovering 53 paise to close at 55.39 against the American currency on fresh selling of dollars by banks and exporters in view of weakness of dollar in the overseas market amidst good capital inflows from foreign funds.

The rupee resumed slightly higher at 55.90 per dollar as against the last closing level of 55.92 per dollar at the Interbank Foreign Exchange (Forex) market and shot up further to a day's high of 55.33 per dollar on strong equity market triggered by European cues before ending at 55.39 per dollar, showing a gain of 53 paise or 0.95 per cent.

It moved in a range of 55.33 per dollar and 55.93 per dollar during the day.

Fresh selling of dollars by banks and exporters on the back of weakness of dollar in the overseas market coupled with strong equity market mainly boosted the rupee value, a forex dealer said.

The Indian benchmark Sensex ended higher by 226 points or 1.30 per cent.