1. Indian rupee halts five-day upmove; ends 6 paise down at 63.46 vs US dollar

Indian rupee halts five-day upmove; ends 6 paise down at 63.46 vs US dollar

Snapping five-session rising steak, the rupee slipped by 6 paise at 63.46 against the US dollar due to fresh demand for the American currency from banks and importers amidst strong overseas sentiments.

By: | Mumbai | Published: July 7, 2015 9:11 PM
indian rupee

The Indian rupee had strengthened by 44 paise, or 0.69 per cent, over the last five sessions to touch a two-month high. (Reuters)

Snapping five-session rising steak, the rupee slipped by 6 paise at 63.46 against the US dollar due to fresh demand for the American currency from banks and importers amidst strong overseas sentiments.

Besides, the greenback’s strength against other Asian currencies and lacklustre local equity markets made the rupee depreciate further, forex dealers said.

In overseas trade, the dollar climbed to a fresh 1-month high against a basket of other major currencies amid Greece’s financial crisis and also ahead of the much awaited Eurozone summit scheduled later in the day.

The local currency resumed firmly higher at 63.30 against Monday’s closing level of 63.40 at the Interbank Foreign Exchange (FOREX) market on sustained dollar selling by exporters.

However, the rupee suddenly turned volatile and immediately drifted to hit a fresh intra-day low of 63.4825 following robust dollar demand from importers, mainly oil refiners, and a late fall in local stocks, before finishing at 63.46, registering a loss of 6 paise, or 0.09 per cent.

The Indian rupee had strengthened by 44 paise, or 0.69 per cent, over the last five sessions to touch a two-month high.

The US dollar index was up by 0.95 per cent at 97.34.

Crude oil witnessed its biggest one-day fall in five months overnight after Greece rejected bailout terms and Iran edged closer to a nuclear deal with western powers and also heightened concerns about the strength of the Chinese economy.

Meanwhile, the BSE Sensex declined by 37.07 points to settle at 28,171.68 today.

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