Rupee near three-week high as foreign banks sell dollars

Mumbai: The rupee is trading at 59.57/58 after hitting 59.52, its highest level since June 13 and higher than the previous close of 59.6875/6975 as foreign banks continue to sell dollars on behalf of overseas investors.

Foreign institutional investors bought shares worth $216.13 million on Wednesday, provisional exchange data shows. Local shares up 0.3 per cent in early trade. Most Asian currencies weakened against the dollar.

Asian stocks hovered at a three-year high and the dollar rose early on Thursday after robust jobs data fuelled hopes that the US nonfarm payrolls report would point to momentum building in the economy.