Indian rupee logs best gain in a week, up 8 paise vs USD at 54.28
At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 54.30 a dollar from previous close of 54.36.
It then moved erratically in line with side-ways movements in local equities in a narrow range of 54.19 and 54.33. Rupee finally concluded at 54.28, showing a rise of eight paise or 0.15 per cent.
This is rupee's best gain since 34 paise on March 15.
Helping rupee cement gains, FIIs today pumped in Rs 368 crore in Indian stocks as per provisional BSE data.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said,"Rupee traded higher against the dollar today taking cues from the euro, as markets looked past worries about Cyprus and toward manufacturing and services data due from the common- currency bloc."
The dollar index was down by 0.16 per cent against its six major global rivals.
Brahmbhatt expects the rupee (spot) to trade in 54-54.60 range against the US dollar.
Meanwhile, the Indian benchmark Sensex, in a see-saw trade today, closed down by 91.32 points to end 4-month low.
Forex dealers said that hopes of more foreign funds inflow at the weekend as government will sell 5.82 per cent in steel major SAIL on Friday through offer for sale (OFS) route may help rupee but month-end dollar demand can exert pressure.
"Rupee traded quite range bound today in the absence of any major data or
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