Rupee appreciates against dollar

NEW DELHI: After depreciating in the morning session, rupee recovered smartly in the afternoon trades. The local unit hit a day's high of 63.59 against dollar, up 5 paise over its preceding session's close of 63.64.

The Dollar index, which tracks dollar movement against a basket of major world currencies, stood marginally up at 95.62.

Among global currencies, Euro edged lower against dollar after Greece became the first advanced economy to ever be in arrears to the IMF.

The euro zone finance ministers rejected a Greek government's call to extend its bailout, hours before it got expired. The nation has now formally defaulted on its €1.5 bn payment to the IMF.

“I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared," said Gerry Rice, Director of Communications at IMF said.

“I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course,” he added.