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Rupee rises further
MUMBAI: The rupee wiped out initial losses and appreciated further by three paise to close at 39.7350/7450 against the dollar on the back of heavy capital inflows. In fairly active but two-way trading at the interbank foreign exchange market, the Indian unit opened weak at 39.80/81 against Monday’s close of 39.7650/7750 and moved down further to 39.84.
Dealers attributed the early fall in the rupee to hesitancy in equity markets till mid-session, when the benchmark Sensex was down by nearly 169 points, and stray month-end dollar demand from oil refiners. Some dollar buying by state-run banks on behalf of the apex bank to stem the domestic currency’s surge to protect exporters’ competitiveness also weighed on the rupee. — PTI
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