Rupee ends steady at 67.48 per dollar

Mumbai:- Recovering from early losses against the US currency, the rupee ended flat at 67.48 a dollar on fag-end selling of the greenback by banks and exporters in view of a weak dollar in overseas markets.

The currency market moved in tandem with polls around the UK’s referendum on whether to stay in the European Union.

The rupee opened lower at 67.59 per dollar as against yesterday’s closing level of 67.48 per dollar at the Interbank Foreign Exchange (Forex) market. It dropped further to 67.63 per dollar on initial dollar demand from banks and importers.

However, it washed out initial losses and recovered to 67.4325 per dollar on fag-end dollar selling before ending at 67.48 per dollar, showing no change from previous close.

The rupee hovered in a range of 67.4325 and 67.63 per dollar during the day.

The dollar index was trading down 0.26 per cent at against a basket of six currencies in the late afternoon trade.

The RBI fixed the reference rate for the dollar at 67.5570 and euro at 76.0354.

In cross-currency trades, the rupee recovered against the pound sterling to end at 99.09 from 99.47 yesterday and also recouped against the euro to 76.20 from 76.41.

While, the domestic currency dropped further against the Japanese yen to 64.51 per 100 yen from 64.44.

PTI