Rupee gains 30 paise to 68.08 a dollar
The home currency also regained strength against the euro, British pound and Japanese yen.
NEW DELHI: The beaten-down rupee on Wednesday staged a good comeback, recuperating by a sharp 30 paise to end at 68.08 against the US currency on heavy bouts of dollar selling by banks and exporters with equities gaining ground.
A collective sigh of relief largely drove currency and financial markets, as sentiment somewhat stabilised slightly in Asia after an escalating trade threats between the worlds two biggest economies rattled investors’ confidence overnight. Besides, easing dollar pressures from importers and currency speculators in the midst of central bank intervention largely took the embattled currency sharply higher.
The home currency also regained strength against the euro, British pound and Japanese yen.
The Indian unit had tumbled to near one-month low of 68.38 on Tuesday on fears of knock-on effects from renewed trade tensions between the US and China.
Most Asian currencies also recouped most of their losses and were trading mixed.
Rupee Gains 30 Paise
The dollar is holding gains made over the previous session.
On the energy front, crude prices spiked to nearly $76 a barrel, recovering from dayearlier losses in Asia largely supported by a drop in US commercial crude inventories and the loss of storage capacity in oil producer Libya. Brent crude futures, an international benchmark, is trading up at $75.05 a barrel in early Asian trade. Meanwhile, bond markets continued its recovery momentum.
A collective sigh of relief largely drove currency and financial markets, as sentiment somewhat stabilised slightly in Asia after an escalating trade threats between the worlds two biggest economies rattled investors’ confidence overnight. Besides, easing dollar pressures from importers and currency speculators in the midst of central bank intervention largely took the embattled currency sharply higher.
The home currency also regained strength against the euro, British pound and Japanese yen.
The Indian unit had tumbled to near one-month low of 68.38 on Tuesday on fears of knock-on effects from renewed trade tensions between the US and China.
Most Asian currencies also recouped most of their losses and were trading mixed.
Rupee Gains 30 Paise
The dollar is holding gains made over the previous session.
On the energy front, crude prices spiked to nearly $76 a barrel, recovering from dayearlier losses in Asia largely supported by a drop in US commercial crude inventories and the loss of storage capacity in oil producer Libya. Brent crude futures, an international benchmark, is trading up at $75.05 a barrel in early Asian trade. Meanwhile, bond markets continued its recovery momentum.