Millennium Post
Business

With its man in place, US withholds attack on our currency, lets Re rise by 56p to 67.07/$

A reversal of the American attack on the Indian currency saw the rupee wash out initial losses and snap its two-day losing string to appreciate by 56 paise to end at 67.07 against the American currency.

Weak dollar overseas ahead of weekly supply data from the United States of America too aided the rupee rise while capital outflows restricted the surge to some extent, a forex dealer said.

The rupee commenced bearish at 68.10 a dollar from last close of 67.63 and dipped to a low of 68.62 at the Interbank Foreign Exchange market due to sustained dollar demand from importers.

However, likely intrusion by the Reserve Bank of India (RBI) through state-run banks and a smart recovery in local stocks led the rupee to bounce back to a high of 66.80 before settling at 67.07, showing a rise of 56 paise (0.83 per cent).
On Tuesday our nation’s currency had slumped by 163 paise (2.47 per cent).
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