Rupee Makes Recovery After Early Losses Vs US Currency In Late Morning

Indian-EconomyIndian currency made recovery after early losses as compared to the US currency during the late morning trade because of fresh selling of the American currency by banking institutions as well as exporters.

At the Interbank Foreign Exchange (Forex), the Indian unit restarted on a lower note at 53.63/64 a dollar from Friday's level of 53.47/48 owing to sharp decline in the securities market.

But, it made recovery to 53.39 a dollar before reaching at 53.41/42 per dollar at 10:30 a. m. considering fresh selling of US currency by banking institutions and exporters.

Indian currency traded between 53.39 and 53.75 a dollar in early trade.

Forex traders stated that a few steps declared by the central bank (RBI) late on Friday to magnetize inflows, in consideration of declining rupee, confined the losses.

The central bank has lifted up the interest rate ceiling on NRI deposits in foreign currencies by around 3% and exempted rates of interest on export finance.

In the meantime, the BSE Sensex declined around 290 points or 1.71% during the morning trade, broadening losing streak for the fourth consecutive session on continued selling by funds amid feeble trend on other Asian stock markets.

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