Rupee Rebounds By 16 Paise To 64.68 On Dollar Selling
MUMBAI, MAY 19: The rupee rebounded by 16 paise to 64.68 against the dollar in early trade on dollar selling by banks and exporters.
Traders said the domestic unit is not completely out of the woods after panic buying of dollar yesterday on the news that US President Donald Trump is heading for more political trouble.
A bit of comfort for the rupee came on fresh selling of the American unit by exporters and banks and the dollar’s weakness against other currencies overseas.
Further, a strong equity market supported the uptrend.
The rupee had yesterday nosedived by 69 paise, experiencing its worst day in about 10 months, to end at a more than one-month low of 64.84 amid heightened global volatility.
This was the biggest single-day slump for the domestic currency since July 26, 2016.
Meanwhile, the benchmark Sensex rebounded sharply by 208.82 points or 0.69 per cent to 30,643.61 in early trade.