Rupee ends higher at 44.20/21 a dollar
The benchmark Sensex ended 389 points lower following heavy FII withdrawals.
By PTI |
MUMBAI: The rupee on Friday ended at 44.20/21 a dollar, higher than previous close of 44.2500/2550, on late dollar sales by exporters amidst extremely weak equity markets and firm dollar overseas.
The currency bounced after touching a low of 44.28 and rallied smartly in an otherwise quiet trade at the Interbank Foreign Exchange (forex) market.
Initially, the rupee weakened further on fresh dollar demand from oil companies as well as strong dollar overseas coupled with sustained slide in equity markets.
The activity remained at a low ebb in the absence of any month-end demand, a forex dealer said.
Despite some negative factors, including reduced FII inflows into equity markets, dealers said the rupee recovered smartly from the day's low due to exporters’ dollar selling at higher levels.
High oil prices, which traded above the key 60 dollar a barrel mark in Asian trade today failed to trigger any major dollar demand from oil corporates.
The benchmark Sensex ended 389 points lower following heavy FII withdrawals.
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