Rupee recovers against dollar

Image Courtesy Khaleej Times

The rupee on Friday recovered some lost ground by rising 6 paisa to close at 67.01 due to fag-end dollar selling by banks and exporters in view of weakness in the greenback overseas amid persistent rise in equities.

The rupee resumed lower at 67.10 as against the Thursday’s closing of 67.07 at the Interbank Foreign Exchange market and dropped further to 67.1525 on initial dollar demand from importers owing to higher crude oil prices in the global market.

However, the domestic currency recovered afterwards to 66.9850 on selling of the American currency by banks and exporters due to weakness of dollar in the global market before closing at 67.01, showing a gain of 6 paise, or 0.09 per cent.

The domestic unit hovered in the range of 66.9850-67.1525 per dollar during the day.

The dollar index was trading up by 0.21 per cent against a basket of six currencies in the afternoon trade.

In the overseas market, the dollar was flat against the yen and euro during range-bound trade on Friday, with its upside weighed down by position adjustment ahead of the three-day weekend in the US.

Earlier, the US dollar fell to near a one-week low against a basket of currencies, after upbeat US economic data failed to lift Treasury yields.

 

Read More on Khaleej Times

Leave a Reply