Comments
Paring early gains, the rupee today ended marginally lower by 2 paise at 65.04 against the US dollar in a highly volatile trade session.
Sustained interest in buying dollar from banks as well as importers and pullout of capital by overseas funds weighed on the rupee after it touched the 64-mark briefly in early trade.
Retreating during the day, the rupee finally closed at 65.04 against the dollar amid the overall sentiment in the forex market remaining shaky as concerns over geopolitical situation persisted.
Besides, dealers seemed to be cautious as they kept away from taking long positions ahead of a long holiday weekend.
At the Interbank Foreign Exchange (FOREX) market, the rupee resumed higher at 64.95 from Tuesday’s closing level of 65.02 on fresh bouts of dollar selling by exporters and gained further to 64.93.
However, the initial recovery momentum was short lived as the currency markets witnessed a sudden spike in volatility.
The rupee retreated sharply to hit a fresh intra-day low of 65.16 in afternoon deals. It managed to recoup some of the losses towards the fag-end to settle at 65.04, showing a nominal fall of 2 paise.
The rupee had lost 28 paise yesterday.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.