Millennium Post

Re resists fresh FII attack, rebounds 2p to 59.66 per $

The rupee on Tuesday moved erratically in line with volatile local equities and closed slightly up by two paise at 59.66 against the $.
Weak dollar overseas and fresh dollar selling by exporters also helped the rupee to land in positive terrain at the end while sustained capital outflows restricted the rise.

At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed better at 59.64 a dollar from overnight close of 59.68 and moved in a range of 59.45 and 59.79 before settling the day at 59.66, showing a rise of two paise. On Monday, it had fallen by 41 paise or 0.69 per cent.

'The rupee was seen erasing its earlier losses against the US dollar and started posting gains as domestic stock markets started recovering. Majority of the Asian currencies were seen trading on a positive note against the US dollar, which further supported rupee to post gains. Technically, the $/Re pair was seen taking support at 59.45 levels,' said Abhishek Goenka, Founder and CEO, India Forex Advisors.
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