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Rupee retreats from 1-month-high, rises 5 paise at 68.38 against dollar

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

Press Trust of India  |  Mumbai 

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The retreated from a one-month high and was trading 5 paise higher at 68.38 against the greenback in late morning deals on bouts of demand from importers and banks amid lower local equities.

The resumed higher at 68.37 from yesterday's closing level of Rs 68.43 at the interbank market.

It gained sharply to 68.26 before being struck by volatility as local stocks fell nearly 300 points. The was still trading higher at 68.38 at 1030 hrs.

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

The RBI raised 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 held onto most of its gains against major peers in early Asian trade after the gave an upbeat assessment of the worlds biggest economy and stayed on course to gradually lift interest rates.

Meanwhile, the 30-share is trading lower by 223 points or 0.59 per cent at 37,298.43 at 1045 hrs.

First Published: Thu, August 02 2018. 12:12 IST