Re may rise in near term
The rupee went through a volatile day on Tuesday, affected heavily by cues from the spiralling Sensex and other Asian markets.
By TNN |
MUMBAI: The rupee went through a volatile day on Tuesday, affected heavily by cues from the spiralling Sensex and other Asian markets. At the end of the day though, the rupee closed at 39.48/49 against the dollar, rising from Monday’s close of 39.55/56.
After opening weak at 39.68/70-levels, the rupee fell to the day’s low of 39.78 after the Sensex crashed over 1,000 points and trading was suspended. “There was a lot of demand for rupees, and a few nationalised banks were also seen selling rupees,” said a trader. T
his was possibly at the behest of the central bank, he said. Eventually, the rupee recovered its losses, and touched the day’s high of 39.46 while the stock market clawed its way back. However, analysts maintained that the rupee is expected to rise in the near term, in spite of the market’s performance.
After opening weak at 39.68/70-levels, the rupee fell to the day’s low of 39.78 after the Sensex crashed over 1,000 points and trading was suspended. “There was a lot of demand for rupees, and a few nationalised banks were also seen selling rupees,” said a trader. T
his was possibly at the behest of the central bank, he said. Eventually, the rupee recovered its losses, and touched the day’s high of 39.46 while the stock market clawed its way back. However, analysts maintained that the rupee is expected to rise in the near term, in spite of the market’s performance.
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