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Rupee recovers mere grounds versus dollar in the interbank market

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Rupee recovered mere grounds versus dollar in the interbank market. The US dollar started off new day’s trading at Rs.63/16, shed mere grounds and was changing hands at Rs.63/13 at close of markets on Friday.

On the international desks, the dollar headed for a weekly decline against the euro on speculation officials from the Group of Seven nations are unlikely to agree on a plan to support the U.S. currency when they meet today.

The dollar weakened against the British pound and the Swiss franc as traders increased bets the Federal Reserve will cut its benchmark interest rate this month. An industry report today will show U.S. consumer confidence fell to a 16-year low this month, according to a Bloomberg News survey.

The dollar traded at $1.5772 per euro at 12:58 p.m. in Tokyo, compared with $1.5742 in New York yesterday and $1.5737 on April 4. It touched a record low of $1.5913 yesterday. The U.S. currency was at 101.99 yen, from 101.95 yesterday and 101.47 a week ago. The yen fell to 160.87 per euro from 160.51 yesterday and 159.69 a week earlier.


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