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Indian rupee rises to 3-week high, up 36 paise at 62.14 vs US dollar

Nov 27 2013, 18:48 IST
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The Indian rupee climbed 36 paise to a three-week high of 62.14 against the US dollar (Reuters) The Indian rupee climbed 36 paise to a three-week high of 62.14 against the US dollar (Reuters)
SummaryIt was the highest close for the Indian rupee since 61.62 on November 5

The Indian rupee climbed 36 paise to a three-week high of 62.14 against the US dollar today after banks and exporters sold the US currency as it weakened overseas.

The Indian rupee resumed higher at 62.45 per dollar from the previous close of 62.50 at the interbank foreign exchange market and firmed up further to end at 62.14, a gain of 36 paise or 0.57 per cent.

It was the highest close for the Indian rupee since 61.62 on November 5. The local currency ended unchanged yesterday.

Bankers and exporters reduced their dollar positions due to the currency's weakness overseas, a forex dealer said.

The dollar slipped against the euro today, ahead of economic data before Thanksgiving Day. Releases scheduled include durable goods orders, the Chicago purchasing managers' index and consumer sentiment numbers.

"Apart from strong euro and a slight weakness in the US dollar, the rupee was getting support from dollar selling by banks. Yesterday's economic reports out from the US were quite mixed, with consumer confidence tumbling and the housing market showing a recovery," said Abhishek Goenka, CEO of India Forex Advisors.

Local equities closed near yesterday's close but the rupee appreciated, taking cues from the dollar index, which traded weak for the fifth consecutive day ahead of Thursday's Thanksgiving Day holiday, said Pramit Brahmbhatt, CEO of Alpari Financial Services (India). Later today, data on weekly US jobless claims is due, he said.

The benchmark Sensex ended at 20,420.26, down 4.76 points.

Forward dollar premiums remained weak due to sustained receipts by exporters.

The benchmark six-month forward dollar premium payable in April declined to 227-229 paise from 229-1/2-231-1/2 paise previously and far-forward contracts maturing in October dropped to 466-468 paise from 471-1/2-473-1/2 paise.

The RBI fixed the reference rate for the dollar at 62.3625 and for the euro at 84.6755.

The rupee fell to 101.31 against the pound from 101.09 while it moved up to 84.49 per euro from 84.62.

It also recovered against the Japanese yen to 61.06 per 100 yen from 61.62.

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