From The Economic Times · ET Bureau · · 40s
Rupee Rises Then Slips
Rupee hits intra-day high before slipping on dollar demand.
In brief
Rupee hits intra-day high before slipping on dollar demand. The rupee rose to 96.51 against the dollar before falling to 96.73 as central bank sold dollars through state banks. Originally reported by The Economic Times.
Rupee Rises
The rupee climbed to an intra-day high of 96.51 against the dollar in the afternoon.
Central Bank Intervention
Traders reported the central bank sold dollars through large state-owned banks to support the rupee.
Rupee Closes Lower
The rupee closed at 96.73 against the dollar, down from 96.79 the previous day.
Dollar Demand
Companies were seen covering positions and buying dollars at lower levels, creating underlying demand.
What it means
The rupee rose to 96.51 against the dollar before falling to 96.73 as central bank sold dollars through state banks.
