Indian rupee, after making a weak start, recouped all its losses and ended stronger on Wednesday on dollar sales by banks and exporters, while weak trade in local equities failed to cast any impact on the currency.
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday. The rupee did not show any change against the dollar for buying at Rs 105.50 it rose by three-paisa for selling Rs 105.52, they said.
The rapid increase in the dollar’s rate against rupee was seen during the last week of August, however, the inter-bank market was clutched by the central bank and the United States dollar was in control and not permitted to cross Rs104. It stood paisas 50 up in the open market against the rupee. The pound sterling remained up and closed at Rs 160.72 and Rs 161.02 for buying and selling respectively after gaining Rs 1.01. Forex dealers said dollar strengthening against other currencies overseas after the US Federal Reserve signalled it may raise interest rates in December weighed on rupee sentiment. The Us dollar closed at Rs 105.20 for buying and Rs 105.45 for selling.
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The rupee continued to depreciate its value against the dollar in the interbank market on Wednesday, as panic and uncertainty put downward pressure on the exchange rate.
