Economy

Rupee snaps 3-day losing streak, rises 13 paise

Rupee snaps 3-day losing streak, rises 13 paise

Snapping 3-day losing streak against the American currency, the rupee recovered by 13 paise to close at 66.31 per dollar on fresh selling of dollars by banks and exporters despite fall in equity market.

Earlier, the domestic currency resumed slightly higher at 66.43 as against yesterday’s closing level of 66.44 at the Interbank Foreign Exchange (forex) market and hovered in a range of 66.30 per dollar and 66.48 per dollar before ending at 66.31, showing a gain of 13 paise or 0.20 per cent.

The rupee had dropped by 95 paise or 1.44 per cent in previous three days.

The dollar index was trading higher by 0.09 per cent at against a basket of six currencies in the late afternoon trade.

In the Asian markets, the dollar remained trapped in a tight range against the yen and the euro in quiet afternoon trade today, with investors unwilling to take strong positions amid a lack of fresh trading incentives.

Earlier, the dollar hovered just below a seven-month peak against a basket of major currencies in early Asian trade, having consolidated its payrolls-inspired rally in a subdued session overnight.

Meanwhile, the benchmark BSE Sensex dropped by 378.14 points or 1.45 per cent to close at 25,743.26.
[“source-businesstoday”]

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