Hindu Business Line file photo
Mumbai, India (BBN) - The rupee wiped off its initial losses and was trading strong at 64.36 as the dollar dipped against a basket of currencies due to broad strength in sterling as well as worries over a possible US government shutdown after Democrats pulled out of a meeting with President Donald Trump.
The dollar, already on track for its worst month since July and its worst year since 2003, dipped 0.2 per cent against its currency basket, reports The Hindu Business Line.
The domestic unit opened weak at 64.51 at the Interbank Foreign Exchange market today. It hovered in a range of 64.51 and 64.28 before quoting at 64.36, up 5 paisa at 4.30 pm local time.
Yesterday, the rupee had gained further ground against the US currency and finished at a new two-month high of 64.41, up 9 paisa, on sustained dollar selling by exporters and corporates.
Meanwhile, the benchmark Sensex ended down by 15.83 points or 0.05 per cent at 33,602.76.
BBN/MMI/ANS