Rupee rebounds 4 paise in opening trade

The rupee strengthened by 4 paise to 65.10 per dollar in opening trade today on some selling of the US currency by exporters and banks. A positive opening for the stock markets also boosted the domestic currency, dealers said. Yesterday, the rupee had lost 25 paise to 65.14 on fresh bouts of demand for the American currency from importers and banks amid rising uncertainty stemming from US President Donald Trump's possible trade war.

In global trade, the US dollar had strengthened against the euro after European Central Bank President Mario Draghi signalled that any policy normalisation in the euro zone would be very gradual and President Trump formally announced tariffs on steel and aluminium imports. US trade partners Canada and Mexico will be exempted from the levies for now, leading their currencies to strengthen. Meanwhile, the benchmark BSE Sensex rose 138.52 points, or 0.41 per cent, to 33,490.09 points in early trade today.

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