Rupee edges up to 66.88 against dollar

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NEW DELHI: The rupee on Thursday inched up 2 paise to 66.88 against the dollar at the open.

The domestic currency on Wednesday crashed 52 paise to hit a 14-month low of 66.90, its third-biggest single-day fall this year. Surging crude prices coupled with headwinds including a widening trade deficit took their toll.

This was the lowest closing for the rupee since February 22, 2017.

Hit by a combination of higher oil prices, rising external vulnerabilities and a sharp slowdown in portfolio flows, the rupee is likely to remain prone to further depreciation pressures.

Globally, Asian shares traded in the positive on Thursday as robust US corporate earnings negated concerns over a surge in US bond yields. The dollar hovered near three-month highs against a basket of currencies.

Oil prices rose supported by expectations that the US will reimpose sanctions against Iran.

Meanwhile, headline indices Sensex and Nifty started the day on a flat note with positive bias. At 09:18 am, the Sensex rose 37 points to 34,538 while the broader Nifty was up 12 points at 10,582.

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