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Snapping a three day losing streak, rupee appreciated 5 paise to 63.76 against dollar in early trades today. The domestic currency had declined 4 paise to settle at 63.81 against the greenback on Friday amid sustained demand for the American currency from banks and importers on weak cues from global markets. Dollar remained close to a nearly four month high against a basket of currencies in early Asian trade, after strong US jobs data released on Friday raised expectations the US Federal Reserve was all set to raise interest rates in its September policy review, Reuters reported. Dollar index, which tracks the movement of the greenback against a trade weighted basket of six major world currencies, stood at 97.61.
Dollar firm after jobs data supports US rate hike view The dollar stayed close to a nearly four month high against a basket of currencies in Asian trade on Monday, after solid US jobs data backed expectations that the US Federal Reserve could raise interest rates as early as September. The dollar index was up about 0.1 per cent at 97.618, after rising as high as 98.334 on Friday, its highest since April 23, after data showed US nonfarm payrolls rose 215,000 last month. That fell short of expectations for a rise of 223,000 jobs but was still viewed as consistent with a strong labour market, and the previous two months were upwardly revised. The dollar rose to a two month high of 125.07 yen on Friday, and was last up about 0.1 per cent at 124.37.
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