Rupee Bounces Back; Up By 8 Paise

In opening trade at the interbank foreign exchange market today, rupee strengthened by 8 paise to 66.40 against the US dollar on some selling of the greenback by exporters and banks. A higher opening of domestic stock market indices also lifted the national currency.

The rupee had lost 36 paise yesterday, hitting a fresh 13-month low of 66.48 against the US dollar as a result of rising crude prices. Sustained foreign fund outflows led to subdued forex market sentiment.

US dollar strengthened against major currencies overseas. US treasury market's yields were near a 3 percent, and dollar was traded at its highest since January. The Japanese yen declined by 0.1 percent to 108.82 per dollar after its 1% sink on Monday.

Meanwhile, the benchmark BSE Sensex recovered 147.25 points, or 0.42 per cent, to 34,598.02 points in early trade today.

Inputs from PTI