The Indian rupee recouped al intraday losses to end the day 22 paise higher at 73.86 per dollar. Trade was extremely volatile today with the rupee dropping to a low of as much as 74.27.
It currency opened weak at 74.10 per dollar against previous close of 74.08 and traded in the range of 73.82-74.27.
Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services, said, "The USD-INR spot is at an inflection point, though optimism over Fed rate hikes is keeping the USDINR afloat, the price activity suggest that revaluation of positioning is currently taking place. Today's weekly closing will be important for more clear direction for USDINR in coming days. Sustenance above 74.25 will open doors for 74.50-74.65. If it gives weekly closing near or below 74.0 today then we can see the pair to witness a dip towards 73.90-73.65 and consistent trading below 73.65 will lead the pair towards 73.50/73.45."
Meanwhile, the Indian stock markets too recouped all losses to end the day flat. While the Nifty ended the day lower by 8 points, the Sensex gained 21 points. The markets closed lower for the week.