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Rupee recovers 7 paisa against dollar

Meanwhile, the benchmark BSE Sensex also surged by 176.95 points

Policy Pulse
Publish Date: Aug 30 2016 4:13PM | Updated Date: Aug 30 2016 4:13PM

Rupee recovers 7 paisa against dollar

The rupee recovered 7 paise to 67.11 against the US dollar in early trade today.

 

Value of rupee boosted up after selling of the American currency by exporters and banks amid a higher opening in the domestic equity market. 

 

Besides, fresh foreign fund inflows supported the rupee but strength in the dollar against some currencies overseas capped the gains, dealers said. 

 

The rupee had lost 12 paise to close at near one-week low of 67.18 yesterday against the dollar due to strong demand for the US currency. 

 

This low happened amid expectations of a rate hike by the Federal Reserve in coming months. 

 

Meanwhile, the benchmark BSE Sensex also surged by 176.95 points which is equal to 0.63 per cent and settled at 28,079.61 in early trade today.