Rupee ends higher against the dollar compared to previous close

Rupee ends higher against the dollar compared to previous close

03 Oct 2019 06:30 PM
 

The Indian rupee ended higher against the dollar for the first time in three sessions on foreign banks' greenback sales for corporate clients that outweighed the impact of weak risk appetite.

The rupee settled at 70.88 to a dollar, against its previous close of 71.08. The unit opened at 71.22 to a dollar and fell to a two-week low of 71.34, before rising to 70.86.

Traders suspected the inflows could be for the fourth tranche of Bharat-22 Exchange Traded Fund (ETF), which opened for anchor investors today and will allow retail participation tomorrow. The government plans to raise around 80 billion rupees ($1.1 billion) rupees from investors.

The initial public offer by state-run IRCTC, that has so far seen strong demand from investors, will conclude today.

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