LM:Rupee closes 7 paise stronger against dollar at 60.07
Mumbai: The Indian rupee recovered after falling heavily in the morning trade on persistent dollar buying from state-run banks.
Foreign banks continued to remain sellers in the market.
“It looks like state-owned banks are buying on behalf of RBI (the Reserve Bank of India),” said a currency dealer with a foreign bank.
The rupee closed at 60.07, up 0.11% from previous close. It opened at 60.05 a dollar against its previous close of 60.14. In the morning trade, the rupee tumbled to 60.30, before recovering to 60.04.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.484, from the previous close of 79.484.
Asian currencies showed mixed trend against the dollar.
India’s benchmark index, Sensex, ended at 22715.33 points, up 0.06%.
The rupee has risen 2.88% this year as foreign institutional investors (FIIs) have bought local equities worth $4.59 billion.
The yield on India’s 10-year benchmark bond ended at 9.001%, compared with its Wednesday’s close of 9.048%. It touched a high and a low of 9.059% and 8.975%, respectively.
