Mumbai, India (BBN) – The rupee recovered a tad to trade at 67.73 at about 10:40am.
The rupee had tumbled by 42 paisa to 67.85 against the US dollar in early trade due to appreciation of the American currency globally as the US Fed hiked interest rate by a quarter percentage point and indicated more to come next year.
The rupee traded between 67.85 and 67.71 in intra-day deals, reports The Hindu Business News.
The gains in the dollar against other global currencies and a lower opening in the domestic equity markets weighed on the rupee, forex dealers said.
Besides, foreign fund outflows too kept pressure on the rupee, they said.
The domestic unit had gained 11 paise to close at 67.43 in yesterday’s trade on positive sentiment triggered by lower inflation and fresh selling of the American currency by exporters.