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Rupee snaps 3-day losing streak; spurts 17 paise to 68.80 against dollar

Rupee snaps 3-day losing streak; spurts 17 paise to 68.80 against dollar

The rupee snapped its three-day losing streak to close 17 paise higher at Rs 68.80 against the US dollar as market participants pinned their hopes on an aggressive rate cut by the US Federal Reserve later this month. Forex traders said the rupee along with most Asian currencies strengthened following dovish comments from New York Fed officials, offsetting the impact of soaring crude oil prices amid fresh geopolitical tensions in West Asia.

On the domestic equity market front, the BSE Sensex plunged 560 points Friday after the government thwarted hopes of tax relief for FPIs. The 30-share index cracked 560.45 points or 1.44 per cent to settle at 38,337.01. Similarly, the broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25.

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