Rupee snaps 2-day losing run, ends up by 7 paise against dollar

  • PTI, Mumbai
  • Updated: Mar 23, 2016 18:45 IST
The rupee recovered by seven paise to 66.64 against dollar on fag-end selling by banks and exporters. (Reuters file)

Snapping its two-day losing streak against the American currency, the rupee recovered by seven paise to 66.64 on fag-end selling of dollars by banks and exporters.

The rupee resumed lower at 66.75 as against Tuesday’s closing level of 66.71 at the Interbank Foreign Exchange market and dropped further to 66.95 on initial dollar demand from banks and importers on the back of higher greenback in the overseas market.

However, it recouped afterwards to 66.62 on fag-end selling of dollars by banks and exporters on hopes of more foreign funds into domestic equity market before ending at 66.64, showing a gain of 7 paise or 0.10%.

It had dropped by 21 paise or 0.32% in last two days. The domestic currency hovered in a range of 66.62 and 66.95 per dollar during the day.

Meanwhile, the dollar index was up 0.17% against a basket of six currencies in the late afternoon trade.

Overseas, the US dollar pushed higher across major currencies in the later afternoon trade, drawing support from comments by Federal Reserve officials and dissipating nervousness over the Brussels terror attacks, which drew investors away from the traditional safe haven shelter of the yen.

also read

Passwords compromised in majority of debit card fraud transactions
Show comments