Rupee rebounds 6 paise on calmer dollar

The domestic currency had depreciated by 5 paise to end at 67.11 per dollar yesterday

Rupee regained its strength after a brief dip and ended higher by 6 paise at 67.05 against the greenback on bouts of dollar selling by banks and exporters.

Lackluster dollar movements overseas largely benefitted the local currency, even as dealers avoided taking any long dollar positions ahead of Jackson Hole Economic Policy Symposium on Friday.

As expected it was a quiet day for the rupee, though it maintained the bullishness throughout the session despite heavy unwinding the local equities, a forex dealer said.

The domestic currency opened a tad higher at 67.09 from yesterday's closing value of 67.11 at the Interbank Foreign Exchange (Forex) market.

It moved erratically in a range of 67.01 to 67.11 before settling at 67.05, revealing a gain of 6 paise or 0.09%.

The rupee had depreciated by 5 paise to end at 67.11 per dollar yesterday.

The RBI fixed the reference rate for the dollar at 67.0876 and euro at 75.5943.

In cross-currency trades, the rupee recovered against the pound sterling to finish at 88.46 from 88.80 previously and also recouped against the Japanese yen to close at 66.74 from 66.97 per 100 yens.

However, the local unit fell back against the euro to end at 75.68 compared with 75.59 yesterday.