Mumbai, India (BBN) – After two straight days of fall, the rupee on Wednesday staged a mild recovery of 9 paisa to 67.45 against the dollar following fresh selling of the US currency by banks and exporters amid positive economic data.
Rupee sentiment was buoyed as retail inflation fell to a two-year low of 3.63 per cent in November after the Centre’s demonetisation drive dented consumer spending on various food items, including vegetables, reports The Hindu Business Line.
This is the lowest level since November 2014 when the retail inflation came in at 3.23 per cent.
Forex dealers said a higher opening in domestic equity market and dollar’s weakness against some currencies overseas supported the local unit.
The rupee had ended lower by 12 paise at 67.54 yesterday on steady demand for the greenback from importers and corporates.
Meanwhile, the benchmark Sensex advanced 38.52 points, or 0.14 per cent, to 26,736.34 in early trade.