Rupee recovers 14 paise to end at 67.21

The rupee on Wednesday bounced back by 14 paise against the US currency to close at 67.21 on fag-end selling of dollars by banks and exporters amid sustained foreign capital inflows.

The rupee resumed lower at 67.45 per dollar against Tuesday’s closing level of 67.35 at the Interbank Foreign Exchange (Forex) market and dropped further to 67.51 on initial dollar demand from banks and importers.

However, it recovered afterwards to 67.1750 on fresh selling of dollars on the back of recovery in the equity market before ending at 67.21, showing a gain of 14 paise or 0.21 per cent.

It hovered in a range of 67.51 and 67.17 during the day.

The dollar index was up by 0.17 per cent against a basket of six currencies in the late afternoon trade.

In the global market, the euro was weaker against the dollar and the yen during the late Asian trade on Wednesday, ahead of the European Central Bank’s policy-setting meeting later this week.

Investors largely remained on the sidelines given a lack of fresh trading cues before hearing from the ECB’s policy meeting scheduled for Thursday.

 

[SOURCE :-businesstoday]