The rupee wiped off its initial losses and was trading strong by 6 paise at 63.50 against the greenback in the evening trade on fresh dollar selling by exporters amid weak equities.
Earlier, the rupee opened weak at 63.70 against the last closing level of 63.56 at the Interbank Foreign Exchange market and dropped further to a four-month low of 63.77 before quoting at 63.50 at 4.15 pm local time.
The rupee hovered in a range of 63.77 and 63.49 during the evening trade.
Sustained capital outflows weighed down on the rupee sentiment, a dealer said.
In New York, the dollar started the week on the defensive in early trade after more disappointing US economic data reinforced expectations the US Federal Reserve will not hike interest rates any time soon, while concerns about Greece’s ongoing debt talks pressured the euro.
Meanwhile, the BSE Sensex plunged 260.95 points or 0.95 per cent at 27,176.99 at the closing session.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.