NEW DELHI: Indian rupee ended higher by 7 paise at 73.86 per dollar, amid selling saw in the domestic equity market.
It opened marginally higher at 73.90 per dollar against previous close of 73.93 and traded in the range of 73.76-73.97, report agencies.At close, the Sensex was down 465.01 points or 0.95 per cent at 48,253.51, and the Nifty was down 137.70 points or 0.94 per cent at 14,496.50.
There is an excess of dollar supply causing the disruption in cash premiums going as high as 16 per cent. So exporters and others sold dollar and from a high of 74.32 rupee rose to 73.85, said Anil Kumar Bhansali, Head of Treasury, Finrex.
Today if the same scenario prevails then we may again see the sell-off. RBI may have to step in to control the absurd cash and premiums levels.