Mumbai: The Indian rupee recovered from near three-week lows on Thursday afternoon as exporters sold dollars to cash in on the rupee’s recent weakness, while the euro’s rise from 10-month lows versus the dollar also helped.
At 2:10pm, the partially convertible rupee was at Rs45.56/57 per dollar, after hitting a low of 45.71, its weakest since March 5 and below its close of Rs45.60/61 on Tuesday. Financial markets were shut on Wednesday for a local holiday.
Most Asian currencies were weaker against the dollar on Thursday, preventing further sharp gains in the rupee.
Indian shares were trading down 0.2 percent weighed by weakness in global stocks.
One-month offshore non-deliverable forward contracts were quoted at Rs45.68, weaker than the onshore spot rate.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both quoting at Rs45.5725, with the total traded volume on the two exchanges at about $4.2 billion.