Home Business Rupee crosses some gains at 82.40 per dollar on deteriorating global mood

Rupee crosses some gains at 82.40 per dollar on deteriorating global mood

With the improvement in the dollar, the appeal of the rupee softened slightly.

The rupee on Thursday pared some sharp gains earlier in the session as the dollar recovered to trade higher from a five-week low as markets prepare for another significant rate hike from the European Central Bank .

According to Bloomberg, the rupee was changing hands for the last time around 82.40 per dollar after opening at 82.13 against the previous close of 82.73 on Tuesday.

The dollar index, which measures the greenback’s performance against a basket of major currencies, hit a five-week low of 109.53 earlier in the session, but corrected slightly to trade up 0.2 per cent that day.

Market sentiment turned negative as traders digested earnings reports from the flagship company and prepared for another jumbo European Central Bank rate hike later on Thursday.

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