Besides selling of the American currency by exporters and banks, weakness in the dollar against some other currencies overseas propped the rupee, brokers said.(Dhiraj Singh/Bloomberg)
Besides selling of the American currency by exporters and banks, weakness in the dollar against some other currencies overseas propped the rupee, brokers said.(Dhiraj Singh/Bloomberg)

Rupee rebounds from 18-month low, up 12 paise against US dollar

On Wednesday, the rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows.
Press Trust of India, Mumbai | By Press Trust of India
UPDATED ON MAY 24, 2018 10:20 AM IST

The rupee recovered from a near 18-month low by rising 12 paise to 68.30 against the dollar in opening trade on Thursday, at the forex market on fresh selling of the US currency by exporters and banks.

The minutes from the US Federal Reserve’s meeting on Wednesday appeared to have reassured investors that the central bank will not be too aggressive with raising interest rates, forex dealers said.

Besides selling of the American currency by exporters and banks, weakness in the dollar against some other currencies overseas propped the rupee, the said.

Further, a higher opening in the domestic equity market too influenced the rupee uptrend, they added.

On Wednesday, the rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows amid concerns over macro conditions and surging crude oil prices.

Meanwhile, the benchmark BSE Sensex rose 119.56 points, or 0.34%, to 34,464.47 in early trade.

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