Mumbai, Jul 25 (DIN NEWS)<\/b> Reversing its two-session slide, the rupee rebounded by 15 paise today to end at a fresh one-week high of 68.79 against the US dollar on bouts of greenback selling by exporters and corporates.<\/p>\n
The forex market witnessed a highly volatile session, with the home currency falling initially before staging a comeback.<\/p>\n
The upbeat trend was supported by unwinding of long dollar positions by speculators and local banks in view of subdued overseas cues, even as Dalal Street’s record-breaking run continued for the third straight day.<\/p>\n
The Indian unit also recovered against the British pound, euro and Japanese yen. Most Asian currencies were treading water.<\/p>\n
Earlier, the rupee opened weak at 68.96 at the Interbank Foreign Exchange (forex) market against 68.94 previously.<\/p>\n
It lost ground to hit a session low of 68.99 on intense dollar pressure, before reversing sharply as banks stepped up greenback sales for exporters and custodian clients amid a weak US currency.<\/p>\n
After scaling an intra-day high 68.70, the local unit finally settled at 68.79, showing a sharp rise of 15 paise, or 0.22 per cent.<\/p>\n
It had lost 10 paise in last two days.<\/p>\n
Meanwhile, the greenback slipped ahead of a meeting between US President Donald Trump and European Commission chief Jean-Claude Junker in Washington, against the backdrop of a deepening trade dispute.<\/p>\n
On the energy front, crude oil extended gains after US crude inventories fell more than expected, easing worries about oversupply.<\/p>\n
In the meantime, China announced a package of policies to spur domestic growth in the face of rising trade frictions with the US.<\/p>\n
Meanwhile, the Financial Benchmarks India Private Limited (FBIL) fixed the reference rate for the dollar at 68.8028 and for the euro at 80.4497.<\/p>\n
The bond market, however fell back and the 10-year benchmark yield ended higher at 7.79 per cent.<\/p>\n
Against a basket of other currencies, the dollar index was down at 94.27.<\/p>\n
In cross currency trade, the rupee also recuperated against the British pound, euro and Japanese yen to end at 90.51, 80.44 and 61.94 per 100 yens, respectively.<\/p>\n
Elsewhere, the euro remained flat against the US dollar ahead of Trump’s scheduled meet with Juncker even as the ECB convenes on Thursday to make its rate decision.<\/p>\n
The British pound retreated sharply after hitting a fresh one-week high on bouts of risk-aversion that gripped the European markets.<\/p>\n
In forward market today, premium for dollar showed a mixed trend owing to lack of market moving factors.<\/p>\n
The benchmark six-month forward premium payable in November softened to 102-104 paise from 103-105 paise, while the far-forward May 2019 contract was steady at 253-255 paise.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Mumbai, Jul 25 (DIN NEWS) Reversing its two-session slide, the rupee rebounded by 15 paise today to end at a fresh one-week high of 68.79 against the US dollar on bouts of greenback selling by exporters and corporates. The forex market witnessed a highly volatile session, with the home currency falling initially before staging a comeback. The upbeat trend was supported by unwinding of long dollar positions by speculators and local banks in view of subdued overseas cues, even as Dalal Street’s record-breaking run continued for the third straight day.…<\/p>\n","protected":false},"author":1,"featured_media":15824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,4],"tags":[],"_links":{"self":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/15823"}],"collection":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15823"}],"version-history":[{"count":1,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/15823\/revisions"}],"predecessor-version":[{"id":15825,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/15823\/revisions\/15825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/media\/15824"}],"wp:attachment":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}