Rupee Ends Higher by 23 Paise vs US Dollar
Rupee Ends Higher by 23 Paise vs US Dollar
Hopes of more foreign funds on the back of sharp recovery in domestic equity market also boosted the value rupee against the dollar, a forex dealer said.

Mumbai: The rupee ended higher by 23 paise to close at 67.25 against the US currency on selling of dollars by banks and exporters in view of weakness of dollar in the overseas market amid sharp recovery in equities.

In the overseas market, the dollar fell against the Pound Sterling in the late trade as voters went to the polls in a landmark referendum on whether the UK should stay in the European Union.

Hopes of more foreign funds on the back of sharp recovery in domestic equity market also boosted the value rupee against the dollar, a forex dealer said.

The rupee opened higher at 67.43 per dollar as against the Wednesday's closing level of 67.48 per dollar at the Interbank Foreign Exchange (Forex) market. It firmed up further to 67.2375 per dollar before ending at 67.25 per dollar, showing a gain of 23 paise or 0.34%.

The domestic unit hovered in a range of 67.2375 and 67.44 during the day.

On Wednesday, the rupee ended steady against the dollar. The dollar index was trading down 0.41 pct against a basket of six currencies in the late afternoon trade.

The RBI fixed the reference rate for the dollar at 67.3707 and euro at 76.3776.

In cross-currency trades, the rupee fell sharply against the pound sterling to finish at 100.20 from 99.09 on Wednesday and also drifted lower against the euro to 76.57 from 76.20.

While, the domestic currency recovered against the Japanese yen to 63.61 per 100 yens from 64.51.

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