The rupee snapped its three-day losing streak to close 10 paise higher at 73.50 against the US dollar on Thursday following recovery in the domestic equities and losses in the dollar in overseas markets ahead of the European Central Bank’s policy meeting, PTI said.
After opening lower at 73.77, the rupee had dropped to a low of 73.85 in day trade due to higher oil prices.
However, the local unit recovered from lows following gains in equities and the US dollar reversing its three-day rise in overseas markets.
The rupee ended at 73.50, registering a rise of 10 paise over its previous closing. In the previous session, the rupee had settled at 73.60 against the US dollar.
Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd., said, “The first half saw the spot rupee touched a high of 73.85 before settling lower at close near 73.50 levels against the dollar. Risk off in Asian equities…