After a 4.7 percent devaluation in the last four sessions, Rupee finally held its own today after strengthening by 40 paisa against the dollar.
The Rupee opened at 110.35/60 against the Dollar after State Bank made a coy intervention in the Forex markets on Wednesday. According to Currency dealers, clear signs of intervention were witnessed in the market yesterday after two large banks were reported as selling dollars in the interbank market. Importers breathed a sigh of relief as dollar supply increased.
During today’s session however, Rupee gained 40 paisa since day open, trading in a narrow range of 109.80 – 110.40.
Rupee is currently trading at 110.10/20.