Indian rupee hits 61.96 against US dollar

Nov 01 2013, 10:58 IST
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Foreign investors bought Indian shares worth Rs 18.75 billion on Thursday, their biggest single-day purchase since May 21. Foreign investors bought Indian shares worth Rs 18.75 billion on Thursday, their biggest single-day purchase since May 21.
SummaryThe Indian rupee fell 27 paise to close 61.50 against the dollar on Thursday.

Indian rupee hits a three-week high in early trade before coming into some selling. The rupee hits 61.96 against US dollar, highest since October 10.

The domestic currency is currently trading at 61.83/84 versus Thursday close of 61.50/51.

On Thursday, the rupee fell 27 paise on heavy month-end demand from importers for the US currency, which strengthened overseas after the Federal Reserve indicated it may taper its stimulus programme earlier than expected.

The rupee-dollar pair largely tracked global dollar gains with dollar index up 0.17 per cent at 80.341.

The euro nursed heavy losses early in Asia on Friday, having suffered its biggest one-day drop in over six months as a shock slowdown in inflation piled pressure on the European Central Bank to further stimulate the economy.

Foreign investors bought Indian shares worth Rs 18.75 billion on Thursday, their biggest single-day purchase since May 21, provisional exchange data showed, remaining net buyers for a 20th consecutive session, bringing their total buying to nearly Rs 181.92 billion ($2.96 billion) during that period.

Dealer tips 61.70-62.50 band for the session.

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