Business

Rupee rises 13 paise to 2-week high of Rs. 68.54

Mumbai, Jul 31 (PTI): | Publish Date: 8/1/2018 4:28:38 AM IST

Making a spirited comeback ahead of the RBI’s policy announcement, the rupee gained 13 paise to close at a fresh two-week high of 68.54 against the dollar on expectations that the US Fed is likely to keep rates unchanged.

Notwithstanding initial listlessness, the home currency staged a smart recovery towards the tail-end trade despite heavy month-end dollar demand from importers and corporates.

A rally in domestic equities further supplemented the recovery momentum.

The Reserve Bank of India’s Monetary Policy Committee (MPC) for the third bi-monthly monetary policy statement will be unveiled tomorrow. A bearish dollar overseas also influenced the trading sentiment. The dollar index was down 0.10 per cent at 94.17.

The US Fed was set to start its two-day policy meeting tonight but was widely expected to keep benchmark interest rate unchanged, experts said.

On the energy front, crude prices softened over supply concerns after survey showed that OPEC production increased in July to its highest for 2018. The benchmark Brent was trading at USD 74.90 a barrel in early Asian trade. Earlier, the Indian unit opened lower at 68.70 from overnight level of 68.67 at the Interbank Foreign Exchange market.

After trading within a narrowing wedge, the local unit bounced back to sharply and ended at the session’s high of 68.54, showing a sharp gain of 13 paise, or 0.19 per cent. Yesterday, the rupee had settled lower by 2 paise. 

The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 68.6068 and for the euro at 80.3687.

 

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