Rupee Vs Dollar: Dollar’s strength against some currencies overseas weighed on the rupee, say traders.

MUMBAI: The rupee depreciated by 10 paise to 70.89 against the US dollar in early trade on Wednesday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas. Forex traders said besides increased demand of the US currency from importers, the dollar’s strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses.
The rupee opened lower at 70.88 per dollar and dropped further to quote at 70.89, 10 paise down over its previous close.

The rupee recovered by 8 paise to close at 70.79 against the US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices.

Meanwhile, on a net basis, foreign funds bought shares worth Rs. 811.52 crore, while domestic institutional investors purchased share to the tune of Rs. 31.21 crore Tuesday, provisional data showed.

Courtesy By :- NDTV