Rupee up 5 paise against USD

Prime News, National, Business, Mumbai, August 2:- The rupee retreated from a one-month high and was trading 5 paise higher at Rs 68.38 against the greenback in late morning deals on bouts of dollar demand from importers and banks amid lower local equities.

The rupee resumed higher at Rs 68.37 from Wednesday’s closing level of Rs 68.43 at the interbank foreign exchange market here.

It gained sharply to 68.26 before being struck by volatility as local stocks fell nearly 300 points. The rupee was still trading higher at Rs 68.38 at 10:30 am.

The Indian unit moved between Rs 68.26 and Rs 68.42 during morning deals.

The RBI raised repo rate by 25 basis points to 6.5 per cent amid inflationary concerns.

The RBI has maintained its neutral stance as well as growth outlook, it expects inflation will gradually taper, a dealer said.

Overseas, the US dollar held onto most of its gains against major peers in early Asian trade after the Federal Reserve gave an upbeat assessment of the world’s biggest economy and stayed on course to gradually lift interest rates.

Meanwhile, the 30-share BSE Sensex is trading lower by 223 points or 0.59 per cent at 37,298.43 at 10:45 am. (Inputs: Agencies, NGB)

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