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After depreciating to a near 30-month low of 68.67 to the dollar intraday, the rupee pulled back on Wednesday to close at 68.47, nine paise weaker than the previous close. The Indian unit opened lower at 68.50 in sync with the weak opening in the equity market.
The rupee received support at the intraday low level with state-owned banks selling dollars, apparently at the Reserve Bank of India’s behest.
With the European markets opening on a positive note, the rupee pulled back to touch an intraday high of 68.25.
“Foreign banks were buying dollars in the morning on behalf of foreign portfolio investor clients. But once the European market started rising, the trend reversed,” said a dealer with a public sector bank.
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