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Rupee off to cautious start, recoups 16 paise against dollar

Friday, May 19, 2017,10:17 IST By joji A A A

Mumbai | The rupee made a tentative recovery of 16 paise at 64.68 against the dollar at the start of the session today after banks and exporters hit the sale button for the US currency.
Traders said the domestic unit is not completely out of the woods after panic buying of dollars 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 opening in domestic stocks helped in the upside.
The rupee had yesterday nosedived by a massive 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, at 30,643.61 in early session today.

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