Rupee steady against US dollar at 68.57
The rupee recovered by 4 paise after initial losses against the American currency and quoted at 68.54 per dollar in late morning trade following fresh selling of dollars by banks and exporters.business Updated: Feb 24, 2016 18:14 IST
The rupee on Wednesday ended almost flat as it gained one paisa to 68.57 against the US dollar on fag-end selling of American currency by banks and exporters.
The domestic unit resumed lower at 68.65 per dollar as against the yesterday’s closing level of 68.58 at the Interbank Foreign Exchange market and moved down further to 68.66 on initial dollar demand from banks and importers in view of foreign capital outflows amidst fall in equities.
However, it recovered from initial losses to 68.49 before ending at 68.57 per dollar, showing a gain of mere one paise or one per cent.
The domestic currency has gained by four paise or 0.06% in two days.
It hovered in a range of 68.49 and 68.66 during the days.
Pramit Brahmbhatt of Veracity Financial Services said, “To start the day, the rupee opened on a weaker note, taking cues from equity market. As in domestic equity market we saw restless selling continuing. But despite pessimism prevailing in equity market, we saw marginal recovery in rupee during the later part of the day. To end the day, rupee closed with a negligible gain of one paisa at 68.57 levels.
Trading range for spot USD/INR pair is expected to be within 68.20 to 68.75 levels.
The benchmark Sensex dropped further by 321.25 points or 1.37% on Wednesday.