Rupee bounces from day's low on RBI support

Mumbai: The Indian rupee was marginally stronger on Wednesday and closed at 94.66, versus its previous close of 94.73 per dollar. The currency however reached an intraday low of 94.91 in early hours of the day, where dollar sales by state run banks, likely on behalf of the RBI, helped contain further losses, traders said.

The weakness in the currency came in as the dollar index strengthened due to increasing expectations that the US Federal Reserve may raise interest rates later this year. The DXY was at 101.6 on Wednesday, its strongest level in 13 months.