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Rupee ends stronger at 67

Rupee ends stronger at 67.80

Wed May 16 2018

 

The rupee today recovered from 16-month low levels to close higher by 27 paise at 67.80 against the US currency on suspected RBI intervention to stem further fall in the domestic currency

 

The domestic unit opened weak at 68.13 at the interbank forex market today. It hovered in a range of 68.13 and 67.75, before ending at 67.78, up 29 paise at 5 pm local time.

 

Traders said the dollar’s strength against other currencies overseas, as a surge in the benchmark 10-year Treasury yield above 3 per cent reignited a rally that had lost steam last week, however, capped the rupee’s gains.

 

Yesterday, the rupee had lost 56 paise -- the second biggest single-day fall of 2018 -- to end at a new 16-month low of 68.07 as dollar demand rattled the currency market.

 

Meanwhile, the benchmark BSE Sensex ended lower by 156.06 points or 0.44 per cent at 35,387.88.

 

Source: Hindu business line.

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