Rupee rebounds on dollar weakness, up 10 paise against USD in early trade

By: | Updated: July 26, 2018 10:36 AM

The rupee rebounded for the second consecutive session on Thursday, rising almost 10 paise in early trade to 68.69 against the US dollar.

The rupee rebounded for the second consecutive session on Thursday, rising almost 10 paise in early trade.

The rupee rebounded for the second consecutive session on Thursday, rising almost 10 paise in early trade to 68.69 against the US dollar. On Wednesday, the rupee recovered by 15 paise from its day’s low to close at a fresh one-week high of 68.79 against the greenback. According to currency analysts, the dollar weakened on the back of disappointing home sales data, along with increased selling of the American currency by exporters as well as banks.

The rupee was also supported by a higher opening in the domestic equity markets. The benchmark Sensex crossed the 37,000-mark in early trade on Thursday and scaled a fresh record high of 37,014.65 points. The Nifty of the National Stock Exchange crossed its previous record high to scale a fresh high of 11,172.20 points in early trade.

Also read: Share Market Live! Sensex hits 37,000 for first time in stock market history

Provisional data from the stock exchanges showed that foreign institutional investors sold stocks worth Rs 1,195.75 crore on Wednesday. “No major data is scheduled to be released today in the domestic front, while the currency movements may be influenced by the currency expiry that falls this Friday,” Geojit Financial Services said in a note. “For local currency, 69.12 still remains the major level while on the other side 68.05 is the level to focus above which rupee likely to hit 67.30.”

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