Economy

Rupee rises 15 paise at 65.49 against US dollar

Rupee rises 15 paise at 65.49 against US dollar

Snapping its two-day losing streak, the rupee recovered by 15 paise at 65.49 against the US dollar on Wednesday on fresh selling of the American currency by banks and exporters despite a higher greenback in overseas markets.

The domestic currency opened higher at 65.56 as against Tuesday’s closing level of 65.64 at the Interbank Foreign Exchange (Forex) market and firmed up further to 65.46 before ending at 65.49, showing a gain of 15 paise or 0.23 per cent. The rupee had dropped 37 paise or 0.57 per cent in the previous two days. It moved in a range of 65.46 and 65.62 per dollar on Wednesday.

The dollar index traded higher by 0.26 per cent against a basket of six currencies in late afternoon trade. In the global market, the dollar rose against the euro and the yen on Wednesday, driven by higher US Treasury yields which rose on expectations that the Federal Reserve will increase interest rates in December.

The US government bond yields rose to their highest levels in nearly seven weeks on Tuesday as investors have been lightening up on their bond holdings following the Fed’s signal a week ago that a rate increase before the end of this year remains on the table. Meanwhile, the benchmark BSE Sensex fell by 37.67 points, or 0.14 per cent, to settle at 26,552.92.

ALSO READ: Five factors why rupee will stay firm against dollar till year-end
[“source-businesstoday”]

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