Forex

Rupee ends at fresh 2-week high on RBI’s bullish growth outlook

PTI Mumbai | Updated on August 01, 2018

The rupee depreciated by 5 paise to 68.59 against the US dollar in early trade ahead of the Reserve Bank’s monetary policy announcement.   -  The Hindu

The rupee bounced back from early losses to end at a fresh two-week high of 68.43, up by another 11 paise against the US dollar, even as the RBI hiked repo rate by 25 basis points today.

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Earlier, the Indian unit opened flat at 68.55 against overnight close of 68.54 at the interbank foreign exchange market ahead of the monetary policy.

It weakened further to hit a low of 68.60 in early trade before a trend reversal in reaction to RBI policy announcement.

The rupee finally managed to end at the day’s high at 68.43, revealing a rise of 11 paise, or 0.16 per cent. this is the highest level since July 17 when the rupee had closed at 68.45.

Yesterday, the rupee had gained 13 paise.

 

 

Published on August 01, 2018

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