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The rupee recovered from a near 18-month low by rising 13 paise to 68.29 against the dollar on fresh selling of the US currency by exporters and banks.
According to forex dealers, minutes from the US Federal Reserve’s meeting yesterday appeared to have reassured investors that the central bank will not be too aggressive with raising interest rates.
Besides selling of the American currency by exporters and banks, dollar’s weakness against some other currencies overseas propped the rupee. Further, a strong domestic equity market too influenced the rupee uptrend.
The domestic unit opened strong by 12 paise at 68.30 at the interbank forex market today. It hovered in a range of 68.42 and 68.29 before ending at 68.34, up 8 paise at 5 pm local time.
Yesterday, the rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar on relentless capital outflows amid concerns over macro conditions and surging crude oil prices.
Meanwhile, the benchmark BSE Sensex ended at 34,663.11 -- showing a sharp rise of 318.20 points, or 0.93 per cent.
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