MUMBAI: The rupee on Wednesday ended lower at 39.3750/3850 against the dollar amid expectations of central bank intervention in the forex market and weak Asian stock indices.
A banker said dealers were disappointed over U.S. Federal Reserve’s quarter point rate cut, instead of 50 basis points.
In a lacklustre activity at the interbank foreign exchange market, the rupee opened sharply lower at 39.41/42 a dollar against Tuesday’s close of 39.35/36. It later touched a high of 39.43 before falling back to a low of 39.35 on strong recovery in equity markets.
The domestic unit finally ended at 39.3750/3850. — PTI