 |
| capitalstrars financial research pvt ltd |
The rupee today staged an impressive rebound from lifetime low levels, surging by 21 paise to end at 68.84 against the US dollar on suspected the central bank's intervention to check volatility in currency markets.
The sell-off in the rupee accelerated in early trade, with the local unit plunging to a new historic low of 69.13 before recouping losses.
Suspected intervention by the Reserve Bank of India (RBI) through state-run banks and short-selling the dollar by some foreign banks predominantly triggered the recovery momentum.
The rupee rose to 69.12 from Thursday's record closing level of 69.05 at the interbank foreign exchange.The volatile domestic unit later slid to a fresh life-time low of 69.13 before recovering to 68.94 in morning trade; it was quoting at 68.96 at 1030 hrs.
The rupee is already under pressure amid rising crude oil and higher inflation, while sustained capital outflows by foreign institutional investors (FIIs) from local equities and bond market also pressured the sentiment.
Overseas, the US dollar slightly lower against its major peers in early Asian trade, was on the defensive against the yen and euro after US President Donald Trump expressed concern about the currency's strength and the Federal Reserve's interest rate increases.
At the Interbank Foreign Exchange (forex) market, the rupee opened marginally higher at 69.01 from overnight record low of 69.05.
But soon tilted to the downside with momentum swinging into the red and collapsed to a life-time low of 69.13 on the back of heavy dollar pressure.However, the local unit made a strong comeback in mid-morning deals after RBI stepped in by selling dollars to support the rupee.
for more update you can contact us :
Get free trial Click here: http://www.capitalstars.com/free-trial
No comments:
Post a Comment