Rupee rises 7 paise against dollar at 67.11 on bullish May IIP data

Mumbai: Rupee firmed up 7 paise to 67.11 against the dollar at the forex market on increased selling of the US currency by banks and exporters amid positive economic data.

Industrial production grew 1.2 percent in May from a year ago. The provisional 0.8 percent contraction in April has been revised downwards to -1.34 percent.

Retail inflation ticked up 5.77 percent in June as against 5.76 per cent in May.

Apart from the selling of the American unit, a higher opening in the domestic equities, continued foreign capital inflows and weakness in the dollar against other currencies overseas supported the rupee, dealers said.

Tuesday, the rupee ended 5 paise down at 67.18 on fresh dollar demand from banks and importers in spite of the sustained rally in the stocks.

Meanwhile, the benchmark BSE Sensex, after gaining 121 points in early trades, gave up all its gains falling 4 points at 27,804.