Ru­pee re­coups 8 paise to 70.82

The Hitavada - - BUSINESS -

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.

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