Indian rupee rises to 53.78 against the dollar

Indian rupee rises to 53.78 against the dollarThe Indian national currency has risen seven paise to 53.78 against the US dollar at the early morning trade today at the Interbank Foreign Exchange.

The strengthening was mainly due to selling of the American currency and increased capital inflows in the markets. Foreign exchange dealers said that the selling of the US Dollars by the exports and a higher opening of the stock market boosted the value of the rupee moderately today.

The Indian rupee had closed at 53.85 against the dollar on Tuesday. The rupee had opened weaker at 53.75 but recovered most of its losses in the trading session due to positive growth. Dealers are eagerly waiting for the trade data that is to be released today, for determining actions in the market.

Meanwhile, the benchmark index, Sensex of the Bombay Stock Exchange was trading 0.4 per cent higher this morning. The index increased 88.51 points, or 0.45per cent and was trading at 19,649.55, in the early morning trade today. Most other major Asian currencies were also trading in the positive territory against the US dollar today.

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