Rupee recoups 8 paise to 70.82
THE Indian rupee on Friday staged a mild recovery to close at 70.82, rising 8 paise against the US dollar in line with rally in domestic stocks and positive global cues. At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 70.58 against the US dollar and surged further to touch a high of 70.44 during the day. The local unit finally settled for the day at 70.82, higher by 8 paise over its previous closing price. On Thursday, the rupee lost 44 paise against the dollar to close at 70.90.
Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.5663 and for rupee/euro at 80.2245. The reference rate for rupee/British pound was fixed at 90.1212.