Rupee Opens Lower At 68.99

In Wednesday's trade, rupee opened lowered with a loss of 13 paise against yesterday's close of 68.86 the dollar. The drop has come even after the RBI on Tuesday completed the forex swap deal that is aimed at improving liquidity condition of the economy as well as reduce too much volatility in the domestic currency.

RBI completed the forex swap auction, buying the targeted $5 billion with a three-year tenor, it said in a statement. In turn, Rs 34,561 crore was infused into the Indian banking system.The RBI said it received $16.31 billion in bids for the auction for which the cut-off was set at 776 paise.

Also, there are indications that after a jump of almost 450 points, Sensex and Nifty are likely to open lower.

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