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  Business   Market  22 May 2018  Rupee recovers from 16-month low, up 15 paise against US dollar

Rupee recovers from 16-month low, up 15 paise against US dollar

PTI
Published : May 22, 2018, 9:43 am IST
Updated : May 22, 2018, 9:43 am IST

Rupee is trading at 67.97 against the US dollar on fresh selling of dollar by exporters and banks.

A higher opening of the domestic equity market, boosting the domestic unit.
 A higher opening of the domestic equity market, boosting the domestic unit.

Mumbai: The rupee recovered from its 16-month low to trade 15 paise higher at 67.97 against the US dollar in early session on Tuesday, after opening 10 paise higher, on fresh selling of the dollar by exporters and banks.

Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies overseas supported the rupee.

Further, investor sentiment turned positive on easing trade woes between the US and China leading to a higher opening of the domestic equity market, boosting the domestic unit, they added.

On Monday, the rupee had lost 12 paise to close at a fresh 16-month low of 68.12 against the US currency on sustained dollar demand from importers and corporates amid weak global cues.

Meanwhile, the benchmark BSE Sensex was trading 43.50 points, or 0.12 per cent, higher at 34,659.63 in early trade on Tuesday. 

Tags: rupee, dollar, american currency, indian currency
Location: India, Maharashtra, Mumbai (Bombay)