In a volatile market, the rupee ended marginally higher by one paise at 66.85 against the US currency on mild selling of dollars by banks and exporters.
The Indian unit resumed higher at 66.82 per dollar against the Tuesday’s closing level of 66.86 per dollar at the Interbank Foreign Exchange (Forex) market.
It moved in a range of 66.92 and 66.72 per dollar during the day before ending at 66.85 per dollar, showing a mere gain of one paise or 0.01%.
The rupee had dropped by 23 paise, or 0.3%, in previous two sessions. The dollar index was up by 0.19% against a basket of six currencies in the late afternoon trade.
The dollar gained against the yen and other rivals in Asia trade. On Tuesday, US dollar edged higher as China ramped up efforts to stabilise its currency, helping to restore confidence in the world’s second-largest economy.
Pramit Brahmbhatt, Veracity Group CEO said, “Today rupee opened on a positive note and as day progressed, rupee appreciated as we seen selling in USD at higher levels. Trading range for the spot USD/INR pair is expected to be within 66.8 to 67.1.” Oil prices rebounded in Asia on Wednesday, halting a plunge that saw fall below $30 a barrel for the first time in more than 12 years but analysts warned of further pressure on the commodity. The benchmark BSE Sensex ended higher by 172.08 points or 0.70% on Wednesday.