Forex

Rupee ends strong at 72.20

BL Internet Desk Mumbai | Updated on September 21, 2018 Published on September 21, 2018

The rupee ended strong at 72.20 owing to dollar's weakness against other currencies overseas. Intraday,the domestic unit weakened to 72.94 on heavy capital outflows from the domestic equity market.

Dalal Street witnessed a bloodbath in today's trading session as the Sensex crashed by 1,127.58 points, or 3.03 per cent, to hit an intra-day low of 35,993.64 on massive sell-off in housing finance and realty stocks.

However, the Sensex recouped much of the losses and ended down by 279.62 points or 0.75 per cent at 36,841.60.

Financial crisis at IL&FS and a sharp plunge in YES Bank shares after the bank's MD & CEO, Rana Kapoor, was denied extension by RBI were cited as the key reasons for the mayhem at Dalal Street.

The rupee opened weak at 72.85 at the interbank forex market today. It hovered in a range of 72.94 and 71.76 before ending at 72.20, up 17 paise at 5 pm local time.

According to forex dealers, dollar’s weakness against some currencies overseas on easing trade war concerns capped the rupee's losses.

On Wednesday, the rupee had gained 61 paise, notching up its best single-day gain since March 2017 to close at 72.37, on heavy dollar selling by banks and weakness in the greenback in global markets.

(With inputs from PTI)

Published on September 21, 2018
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