Mumbai: The Indian rupee on Thursday opened lower as dollar strengthened in overseas market after the US Federal Reserve said it will maintain its $85 billion in monthly bond purchases. The partially convertible rupee opened at 60.795 per dollar compared with its previous close of 60.37.
On Wednesday, heavy dollar-selling by state-owned banks likely on behalf of the Reserve Bank of India (RBI) had prevented the rupee from touching its lifetime low of 61.21 per dollar.
Dollar sales by state-owned banks at around 61.15 per dollar had helped the rupee bounced back and recover all its losses by the end of trade.
Dealers expect RBI to continue to support the rupee even on Thursday.
Since January this year, the rupee has lost 9.39% and is the second biggest loser among Asian currencies after Japanese yen. ‬
At 3pm, the domestic currency was trading at 60.36 per dollar, up 0.02% from its previous close.
