Mumbai: The rupee was trading strong by 8 paise at 61.27 against the dollar at 12.55 p.m. local time. The rupee opened strong by 8 paise at 61.27 per dollar against the previous close of 61.35 on the back of weakness in the American dollar overseas amid weakness in the domestic equity market.
According to forex dealers, strengthening of the euro and yen against the dollar in overseas market too supported the rupee, but a weak domestic equity market capped the gains.
The rupee had lost 30 paise to close at 61.35 in the previous session on Friday on fresh demand for the US currency from banks and importers due to firm dollar overseas and a sharp fall in local equities.
Bureau Report
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