The rupee recovered 6 paise against the dollar on Wednesday ahead of a decision by the U.S. Federal Reserve on continuing its stimulus package to prop up economy. The Indian currency closed at 58.70/71 a dollar as compared to its previous close of 58.77/78.
“Indian currency markets traded in a narrow range today [Wednesday] and the rupee traded near its all-time closing low of 58.77, ahead of the all-important U.S. Fed meeting’s outcome which can have significant impact on the rupee’s future direction,” said Jayant Manglik-President Retail Distribution, Religare Securities Ltd.
Sensex up 22 points
Meanwhile, equities gained marginally in lacklustre trading on Wednesday as the BSE 30-share sensitive index (Sensex) gained 22.42 points to close at 19245.70.