Rupee ends marginally higher by 3 paise at 68.58 against USD
The rupee was marginally higher by two paise to 68.59 against the US dollar in early trade Tuesday.business Updated: Feb 23, 2016 18:58 IST
The rupee ended marginally higher by three paise at 68.58 against the US dollar on mild selling of the American currency by banks and exporters despite higher greenback in overseas markets.
The domestic currency resumed lower at 68.65 as against previous closing level of 68.61 at Interbank Foreign Exchange (Forex) market and dropped further to 68.70 on initial dollar demand from banks and importers.
However, it recovered afterwards to 68.45 on fag-end selling of dollars by banks and exporters before finishing at 68.58, showing a mere gain of 3 paise or 0.04%.
The rupee had dropped 15 paise or 0.22% on Monday.
The dollar index was up 0.01% against a basket of six currencies during late afternoon trade.
In global markets, the yen gained broadly in Asian trade on Tuesday as risky assets lost traction and revived demand for the safe-haven currency, while the sterling and the euro were shaky after suffering hefty losses on uncertainty over Britain’s membership in the European Union.
Pramit Brahmbhatt of Veracity Financial Services said,” The rupee opened on a weaker note compared to the end of Monday’s trading session.
“But, as expected, it found support near 68.70 levels. This gain was despite heavy selloff in domestic equity market.”
Meanwhile, the benchmark BSE Sensex ended lower by 378.61 points, or 1.59%, at 23,410.18.