Forex

Rupee recovers to 53.41 in late morning trade

PTI Mumbai | Updated on November 15, 2017 Published on May 07, 2012

rupee

The rupee recovered after initial losses against the US dollar in the late morning trade due to fresh selling of the American currency by banks and exporters.

The domestic unit resumed lower at 53.63/64 per dollar at the Interbank Foreign Exchange (Forex) market against Friday’s level of 53.47/48 due to sharp fall in the stock market.

However, it recovered to 53.39 per dollar before quoting at 53.41/42 per dollar at 10.30 am in view of fresh selling of dollar by banks and exporters.

The rupee moved between 53.39 and 53.75 per dollar during the morning trade.

Forex dealers said some measures announced by the Reserve Bank of India late on Friday to attract inflows, in view of falling rupee, restricted the losses.

The RBI raised the interest rate ceiling on NRI deposits in foreign currencies by up to 3 per cent and deregulated the interest rates on export finance.

Meanwhile, the BSE 30-scrip index, Sensex, dropped 290 points or 1.71 per cent in the early trade, extending losing streak for the fourth straight session on sustained selling by funds amid a weak trend in other Asian bourses.

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Published on May 07, 2012
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