Indian rupee down 8 paise against US dollar

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The Indian rupee eased to 101.24 against the pound from 101.22 previously and also remained weak at 59.16 per 100 Japanese yen from 58.94. AP The Indian rupee eased to 101.24 against the pound from 101.22 previously and also remained weak at 59.16 per 100 Japanese yen from 58.94. AP
SummaryIndian rupee today lost eight paise to close the day at 61.62 against the US dollar on demand for the US currency from importers.

In a dull and listless trade, the Indian rupee today lost eight paise to close the day at 61.62 against the US dollar on demand for the US currency from importers.

The domestic currency resumed lower at 61.65 a US dollar from last weekend's close of 61.54 at the Interbank Foreign Exchange (Forex) market. It was trapped in a narrow range of 61.54 and 61.67 before ending the day at 61.62, a fall of 8 paise.

Sustained capital inflows, a slightly weak US dollar in the overseas markets and recovery in local equities restricted the Indian rupee fall, a forex dealer said.

The benchmark S&P Sensex today bounced back by 141.43 points after two days of loses, while FIIs injected Rs 384.89 crore as per provisional data with stock exchanges.

The US dollar index was down by 0.05 per cent against a basket of six major global rivals.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India), said: "Dollar demand from oil importers weakened the Indian rupee but the fall was capped as the dollar index traded weak in the global market and the local equities closed up."

Forward dollar premiums dropped sharply on fresh receipts by exporters.

The benchmark six-month forward dollar premium payable in June dipped to 214-216 paise from last Friday's close.

Far-forward contracts maturing in December tumbled to 442-444 paise from 459-461 paise.

The RBI fixed the reference rate for the US dollar at 61.6345 and for the euro at 83.4245.

Forward US dollar premiums dropped sharply on fresh receipts by exporters.

The benchmark six-month forward dollar premium payable in June dipped to 214-216 paise from last Friday's close.

Far-forward contracts maturing in December tumbled to 442-444 paise from 459-461 paise.

The RBI fixed the reference rate for the dollar at 61.6345 and for the euro at 83.4245.

The Indian rupee eased to 101.24 against the pound from 101.22 previously and also remained weak at 59.16 per 100 Japanese yen from 58.94.

It, however, firmed up further to 83.47 per euro from 83.71.

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