Forex

Rupee trading a tad weak at 62.71

PTI Mumbai | Updated on January 24, 2018 Published on March 18, 2015

rupee

The rupee was trading a tad weak at 62.71 on mild dollar demand from importers.

The dollar stood steady in Asia on Wednesday just hours before the Federal Reserve was expected to take a major step toward lifting interest rates for the first time in almost nine years.

A Fed statement is due at 1800 GMT, followed half-an-hour later by a press conference with Chair Janet Yellen. The central bank will also release the members’ forecasts for inflation and interest rates, and some analysts suspect the trajectory of future increases could be lowered.

The domestic unit opened strong by three paise at 62.67 against the US dollar at the Interbank Foreign Exchange market in early trade today on sustained selling of the greenback by exporters.

It further strengthened to 62.61 before being quoted at 62.71 at 4.30 pm local time.

The local currency hovered in the range of 62.61 and 62.78 in the afternoon trade.

The rupee had closed 11 paise higher against the American currency at 62.70 yesterday amid a good show by stocks and on selling of dollar by banks and exporters.

Meanwhile, the 30-share BSE index Sensex fell 114.26 points or 0.4 per cent at 28,622.12 at the closing trade.

Published on March 18, 2015

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