Mumbai, India (BBN) - The rupee was trading strong at 67.87 in the evening session on fresh selling of the American currency by exporters and banks despite a weak domestic equity market.
Forex dealers said that besides selling of the American currency by exporters and banks, dollar’s weakness against other currencies overseas supported the rupee, reports The Hindu Business Line.
The domestic unit recovered by 9 paise to 67.94 against the US dollar in the opening trade at the Interbank Foreign Exchange market today.
It hovered in a range of 67.96 and 67.84 before quoting at 67.87, up 16 paise at 4.25 pm local time.
Yesterday, the rupee fell 16 paise to hit a two-week low of 68.03 against the American currency, following a sudden rise in the dollar’s value against other global currencies.
Meanwhile, the 30-share BSE index ended down 65.6 points or 0.25 per cent at 26,242.38, while the broader NSE index closed 21.1 points or 0.26 per cent lower at 8,061.30.
The dollar eased back on Wednesday from the 14-year high reached the previous day, taking a breather in a run that has seen it chalk up its entire gains for the year since the November 8 US presidential election.
The Swedish crown rose to a two-month high against the euro after the country’s central bank held its benchmark rate at -0.5 per cent and extended its quantitative easing bond-buying programme.
BBN/SS/AD