Rupee Back Above 64 As Dollar Volatility Continues: 5 Things To Know

Rupee opens marginally lower against US dollar

RBI sets rupee reference rate at 63.8859 against dollar 

The rupee was trading weaker against the United States currency at 63.97, down by 4 paise over last close, in late morning trade following persistent dollar demand from banks and importers on the back of higher dollar overseas. Madan Sabnavis, chief economist of CARE Ratings, said dollar index is one of the factors that affects the rupee.

The rupee resumed lower at 63.98 a dollar as against the yesterday's closing of 63.93 at the forex market and dropped further to 64.05 before finishing at 64.04, a loss of 11 paise or 0.17 per cent.

The SDR-rupee figure will be based on this rate, the statement added.

The dollar index against a basket of six major currencies was trading higher by 0.11 per cent in the late afternoon trade. In the open market, the rupee was quoted stronger at 105.70/105.90 against the dollar.

At overseas, the dollar held to large gains following a sharp rebound against the yen and euro, lifted by improving investor risk sentiment as worries over North Korea and Hurricane Irma receded.

The local unit also ended higher against the Japanese yen settle at 58.28 per 100 yens from 58.86 earlier.

The benchmark BSE Sensex closed higher by 195 points and the Nifty went past the 10,000-mark for the first time since August 7 as auto stocks gained after a less-than-expected GST cess and rising vehicle sales.

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