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Rupee Regains Strength Against US Dollar, Up 10 Paise At 66.71

The local currency also benefited from a strong rally in local equities as well as subdued greenback overseas

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The rupee staged a smart rebound by recovering 10 paise to end at 66.71 against the American currency on fresh dollar selling by corporates and banks.

Robust capital inflows into the equities and debt predominantly supported the domestic currency even as forex market continue to price in a rate rise by the Federal Reserve next week.

The local currency also benefited from a strong rally in local equities as well as subdued greenback overseas.

Indian equities made a strong comeback to hit multi- year highs following a broad based buying spree despite heightened geopolitical worries after North Korea reportedly launched a series of missiles.

Foreign funds bought net Rs 1,528.48 crs on last Friday as per the provisional figures issued by exchanges.

The home unit resumed higher at 66.77 from weekend closing value of 66.81 at the Interbank Foreign Exchange (Forex) market.

It largely moved in a tight range of 66.6950 and 66.78 throughout the day before ending at 66.71, showing a gain of 10 paise, 0.15 per cent.

Meanwhile, the greenback slipped a little against its major trading rivals despite hawkish statement by U.S. Federal Reserve Chair Janet Yellen last Friday, which reiterated a rate increase would come at the close of its two-day meeting on March 15.

The US dollar index was trading marginally weak at 101.64 in late afternoon session.

The RBI fixed the reference rate for the dollar at 66.7559 and for the euro at 70.7346.

In cross-currency trade, however the rupee fell back against the British pound to end at 81.76 from 81.65 and drifted against the euro to finish at 70.59 as compared to 70.44.

It also dropped against the Japanese Yen to conclude at 58.62 from 58.34 last Friday.

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