Wednesday, August 28, 2013

Rupee rebounds by 170 paise against dollar in early trade; opens at 67.20 - Daily News & Analysis

The rupee on Thursday recovered from its all-time low by rising 170 paise to 67.10 against the dollar in early trade at the Interbank Foreign Exchange market on fresh selling of the US currency by exporters and banks amid fresh measures announced by the RBI to check free-fall of the currency.

Besides, the dollar selling by exporters and banks, fresh measures announced by the RBI to curb the rupee's slide and fall in crude prices in the global market, helped domestic currency to rebound, forex dealers said.

They said a higher opening in the equity market also supported the recovery in the rupee, they said.

RBI has decided to open a special window to help the three state-owned oil marketing companies, which need about USD 8.5 billion every month, to meet their daily foreign exchange requirement in a bid to check the rupee's free fall.

The rupee had registered on Wednesday its biggest single-day fall of 256 paise to close at an all-time low of 68.80 against the dollar as global oil prices jumped, deepening concerns about the current account deficit and capital outflows.

Meanwhile, the BSE benchmark Sensex recovered sharply by 178.73 points, or 0.99%, to 18,174.88 in early trade on Thursday.
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