1. Indian rupee drops by 9 paise at 63.75 against US dollar

Indian rupee drops by 9 paise at 63.75 against US dollar

Foreign portfolio investors (FPIs) pumped in USD 139.45 million dollars during the first four days of the week, as per the Sebi's record.

By: | Mumbai | Published: June 27, 2015 3:45 PM
Indian rupee

Foreign portfolio investors (FPIs) pumped in USD 139.45 million dollars during the first four days of the week, as per the Sebi’s record. (Photo by Akash Sinha)

The Indian rupee dropped by nine paise to 63.64 against the American currency on month-end dollar demand from importers.

However, fresh foreign capital inflows into equity market in view of strong stock market restricted the rupee’s loss against the dollar, a forex dealer said.

Foreign portfolio investors (FPIs) pumped in USD 139.45 million dollars during the first four days of the week, as per the Sebi’s record.

The rupee resumed higher at 63.52 per dollar as against the last weekend’s level of 63.55 per dollar at the Interbank Foreign Exchange (Forex) Market on initial selling of dollars by banks and exporters on hopes of resumption foreign capital inflows.

However, it dropped to 63.7050 on fresh dollar demand from importers, mainly from oil refiners, before finishing at 63.64 per dollar, showing a loss of nine paise or 0.14 per cent.

The domestic currency hovered in a range of 63.4600 and 63.7050 per dollar during the week.

However, many investors chose to stay on the sidelines with no fresh trading cues ahead of last-ditch Greek bailout talks.

Meanwhile, the Indian benchmark Sensex ended higher for the second consecutive week, by gaining another 495.67 points 1.81 per cent. In the forward market, the premium ended mixed due to uneven demand and supply transactions.

Forward dollar premium payable in November finished lower at 191-193 from last weekend’s level of 200-202 paise on receivings from exporters while far-forward contract maturing in May 2016 closed higher at 454-456 paise as against the last weekend’s level of 428-430 paise on fresh paying pressure from corporates.

The RBI fixed the reference rate for the US dollar at 63.6042 and the Euro at 71.2302 from preceding weekend’s level of 63.8195 and 72.3585 respectively.

The rupee recovered against the pound sterling to end the week at 100.09 from 100.85 previous weekend and also moved up to 71.25 per euro from 72.09.

The domestic currency recouped against the Japanese currency to end at 51.53 per 100 yen from preceding weekend’s level of 51.81.

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