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Rupee gains 7 paise against dollar in early trade

The rupee rose by 7 paise to 68.50 against the dollar in early trade on Thursday at the Interbank Foreign Exchange market on fresh selling of the US currency by banks and exporters.

business Updated: Feb 25, 2016 20:16 IST

The rupee Thursday plunged to a fresh 30-month low of 68.72, dropping 15 paise against the US dollar on fresh demand for the American currency from banks and importers in view of persistent fall in domestic equity market amidst foreign capital outflows.

Strong month-end dollar demand from importers, mainly from oil refiners, affected the rupee value against the dollar, a forex dealer said.

The domestic unit resumed higher at 68.47 as against Wednesday’s closing level of 68.57 per dollar at the Interbank Foreign Exchange (Forex) market on initial dollar selling by banks and exporters.

However, it dropped afterwards to 68.77 on fag-end dollar demand before concluding at a fresh 30-month low of 68.72, showing a loss of 15 paise or 0.22.

The rupee had hit its all-time closing low of 68.80 per dollar on August 28, 2013 after touching 68.85 during the intra-day trade on the same day.

It hovered in a range of 68.47 and 68.77 during the day.

The dollar index was up 0.0021% against a basket of six currencies in the late afternoon trade.

At Asian morning trade Thursday, Sterling tumbled to a seven-year low on heightened fears of a possible British exit from the European Union, while the safe-haven yen gained broadly.

The dollar was higher against the yen during Asian trade on Thursday, with the emergence of buying in the Tokyo stock market prompting some investors to abandon the traditional safety of the Japanese currency.

Meanwhile, the benchmark BSE Sensex dropped further by 112.93 or 0.49% Thursday.

First Published: Feb 25, 2016 11:58 IST