Rupee pares early losses, gains 1 paisa against US dollar
The rupee had closed below the key 68-mark to end at 68.01 per US dollar on Friday, after the country’s trade deficit widened more than expected amid renewed global trade war fears.business Updated: Jun 18, 2018 13:58 IST
The rupee pared morning losses and was trading 1 paisa higher to 68 against the American currency in late morning deals amid bouts of dollar-selling by banks and exporters, despite strength in the greenback.
The rupee hit a fresh three-week low of 68.16 against last Friday’s closing level of 68.01 at the inter-bank foreign exchange in Mumbai.
Some dollar-selling by banks on behalf of the apex bank curbed the fall in rupee, a dealer said.
Meanwhile, the US dollar rose towards a seven-month high against its major peers in early Asian trade as investors hoped the United States and China would avoid a full-blown trade war, although tensions between the two slowed its gains.
The 30-share BSE Sensex was rangebound in trade on Monday afternoon.
First Published: Jun 18, 2018 09:47 IST