Indian rupee snaps two-week gaining spree, slips 12 paise

Mar 15 2014, 17:52 IST
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The Indian rupee snapped its two-week gaining spree against the American currency by slipping 12 paise. Reuters The Indian rupee snapped its two-week gaining spree against the American currency by slipping 12 paise. Reuters
SummaryThe Indian rupee resumed lower at 61.26 per dollar as against the last weekend's level of 61.07.

The Indian rupee snapped its two-week gaining spree against the American currency by slipping 12 paise to finish at 61.19 per dollar on fag-end dollar demand from banks and importers.

The Indian rupee resumed lower at 61.26 per dollar as against the last weekend's level of 61.07 per dollar at the Interbank Foreign Exchange (Forex) market.

However, it recovered afterwards to 7-month high of 60.59 per dollar, a level not seen since August 12, 2013, when it touched intra-day high of 60.45, on selling of dollars by banks and exporters in view of heavy capital inflows into equity market before ending the week at 61.19 per dollar, registering a loss of 12 paise or 0.20 per cent from its last weekend's level.

It had gained by 105 paise or 1.69 per cent in the last two weeks.

Meanwhile, retail inflation eased to 25-month low of 8.1 per cent in February and industrial growth registered a modest growth of 0.1 per cent in January.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said " After appreciating for two weeks Rupee traded low last week and depreciated over 0.75 per cent during the week on disappointing Chinese economic data which forced investors to stay away from riskier assets, including equities, commodity & currencies".

Asian shares slipped to a three-week low on Friday as tension over the Ukraine got more sensitive ahead of a weekend referendum forced investors to get rid of riskier assets.

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