Rupee snaps 2-day losing streak vs dollar, up 4 paise

The rupee snapped its last 2-day losing streak against the American currency, recovering marginally by four paise to 63.47, on fresh selling of dollars by banks and exporters due to weakness in greenback overseas.

Persistent foreign capital inflows into equity market also boosted the rupee value against the dollar, a forex dealer said.

The rupee resumed flat at 63.51 per dollar at the Interbank Foreign Exchange market and hovered in a range of 63.45 and 63.52 before finishing at 63.47, showing a gain of four paise or 0.06 per cent from its last close. It had dropped by 12 paise or 0.19 per cent in the last two days.

The dollar index was trading lower by 0.03 per cent against its major global rivals today.

In the global market, the pound climbed to the highest level in more than seven years against the euro today after Bank of England Governor Mark Carney hinted UK interest rates could rise sooner than expected.

Oil prices rose slightly in Asia early thin trade, underpinned by a power outage at Britain's largest oilfield, though risks of oversupply following the Iranian nuclear deal and mixed economic data held back prices.

Meanwhile, the Indian benchmark Sensex ended marginally higher by 17.19 points or 0.06 pct today.