Rupee up 11 paise to 68.65/$

The rupee staged a modest recovery from its fresh 2016 low and ended 11 paise higher at 68.65 against the US currency, largely helped by some dollar selling from banks and exporters. Frantic outbound foreign capital on expectations of President-elect Donald Trump’s higher spending policies and concerns over the recent demonetisation drive had dragged the rupee down to test fresh 2016 lows on Monday. An extremely bullish dollar overseas against the backdrop of an imminent Fed rate hike in the near term, however, kept the sentiment shaky.