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Rupee partially recovers from early losses, down 11 paise against US dollar

The rupee hit a fresh 16-month low of 68.15 in morning trade as against Tuesday’s closing level of 68.04 per dollar at the inter-bank foreign exchange in Mumbai.

business Updated: May 23, 2018 13:56 IST
Press Trust of India
Press Trust of India
Press Trust of India, Mumbai
Rupee,US dollar,Rupee today
On Monday, the rupee had gained 8 paise to close at 68.04 against the US dollar on fresh selling of the American currency by banks and exporters.(Scott Eells/Bloomberg)

The rupee pared its initial losses, trading 11 paise lower at 68.15 against the American currency in late morning deals on sustained dollar demand from importers and banks amid higher dollar overseas.

Traders are awaiting the release of the minutes of the US Federal Reserve’s early-May policy meeting later in the day.

The rupee hit a fresh 16-month low of 68.15 in morning trade as against Tuesday’s closing level of 68.04 per dollar at the inter-bank foreign exchange in Mumbai.

The domestic unit hovered between 68.29 and 68.15 during morning deals. Continued foreign capital outflows and lower local equities also added to rupee volatility, dealer said.

Meanwhile, the US dollar was higher versus a basket of currencies in early Asian trade, with investors awaiting the minutes of the US Federal Reserve’s last policy meeting for hints on the pace of further US monetary tightening.

The 30-share BSE Sensex was lower by 150.54 points or 0.43% to trade at 34,500.70 at 1.55 pm.

First Published: May 23, 2018 10:14 IST