Rupee bounces back by 32 paise, ends at 64.74

The currency had dropped by 11 paise or 0.17% yesterday

The rupee today bounced back 32 paise to close at 64.74 against the American currency on fresh selling of dollars by banks and exporters on the back of recovery in the the equity market.

The rupee opened higher at 64.90 per dollar as against overnight level of 65.06 at the Interbank Foreign Exchange market.

It hovered in the range of 64.72 to 64.92 per dollar during the day, before concluding the day at 64.74, showing a gain of 32 paise or 0.49%.

The rupee had dropped by 11 paise or 0.17% yesterday.

In New York, the US dollar fell after the release of the Fed minutes, while the euro gained. The minutes from the September meeting revealed that the FOMC did not raise rates in part because of global growth concerns.
 
Pramit Brahmbhatt, Veracity Group, CEO said, "Today the rupee gained against the dollar, taking cues from strong local equities. Dollar index is also trading weak for the day at $94.77 as outcome of the FOMC meet confirmed the delay in Fed rate hike which supported Rupee to gain over thirty paise for the day.

The trading range for the Spot USD/INR pair is expected to be within 64.30 to 65.30, he added.

Meanwhile, the Indian benchmark Sensex rose by 233.70 points or 0.87% to close at 27,079.51.