Rupee appreciates 6 paise vs USD, recovers from early losses
Rupee up by six paise or 0.09 per cent to 63.66 againts dollar
Mumbai: Washing out early losses, the rupee snapped back from overnight fall to recover by six paise to 63.66 against the greenback in late morning deals following fresh dollar selling by exporters and fall in USD overseas. However, continued fund outflows amid some weakness in local equities restricted the rupee rise.
The rupee commenced lower at 63.78 a dollar from previous close of 63.72 at the Interbank Foreign Exchange (Forex) market on May 19 and immediately touched a low of 63.81 on downward correction in domestic equities. A recovery in local stocks after early fall helped the rupee to rebound to quote at 63.66 at 1045 hrs, showing a rise of six paise or 0.09 per cent. On May 18, it had depreciated by 21 paise or 0.33 per cent.
The benchmark BSE Sensex was quoting down by 22 points in late morning deals while Foreign Portfolio Investors (FPIs) sold shares worth Rs 202.12 crore yesterday, as per provisional data. The dollar index was down by 0.03 per cent against a basket of six major global rivals in Asia on May 19.