Rupee gains 24 paise against dollar in early trade

Mumbai, Jun 1 (PTI) Rising for the third day, the rupee appreciated by 24 paise to 67.17 against the US dollar today on continued selling of the American currency by banks and exporters amid robust macroeconomic data.

Data released by the CSO yesterday showed gross domestic product (GDP) growth in the January-March quarter of 2017-18 was at a seven-quarter high of 7.7 per cent, helping India retain the tag of world’s fastest growing major economy.

Forex dealers said besides sustained selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.

However, the dollar’s strength against other currencies overseas capped the gains.

Yesterday, the local currency had edged up by 2 paise to end at 67.41 against the American currency on stray dollar selling by banks and exporters.

Meanwhile, the benchmark BSE Sensex was up 55.60 points, or 0.15 per cent, at 35,377.98 in early trade.