Forex

Rupee recovers early losses; rises 29 paise to 73.32

PTI Mumbai | Updated on October 19, 2018 Published on October 19, 2018

The rupee opened lower at 73.62 and slipped further to 73.64 against the dollar. File Photo   -  Reuters

The rupee recovered early losses and finally settled 29 paise higher at 73.32 against the US dollar on Friday, amid a weakening greenback.

Traders said the selling of the US currency by exporters and foreign fund inflows were the other factors that provided support to the home unit.

At the Interbank Foreign Exchange (Forex), the rupee opened lower at 73.62, but soon recovered the lost ground and jumped 31 paise to touch a high of 73.31 on increased selling of the American currency by exporters and banks.

The domestic unit settled the day up by 29 paise at 73.32 against the US dollar.

The rupee had settled 13 paise lower at 73.61 against the US dollar on Wednesday. Forex market remained shut on Thursday on account of “Dussehra“.

Meanwhile, market benchmark BSE Sensex plunged by 464 points or 1.33 per cent to close at 34,315.63 points due to losses in index major Reliance Industries, HDFC and Infosys.

“Despite the fall (in equity benchmark), rupee gained some weight supported by stability in oil prices,” Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Dealers said the Reserve Bank of India’s steps to ease liquidity concerns of NBFCs also helped the domestic currency.

Foreign fund inflows also supported the domestic currency. On a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed.

 

Published on October 19, 2018
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