Rupee rallies for third day, up 8 p at 53.22 Vs USD
Forex dealers said continued dollar demand from oil refiners to meet their month-end requirements and weakness in local equities capped rupee's gains to some extent.
The local unit commenced better at 53.26 against the dollar from yesterday's close of 53.30 at the Interbank Foreign Exchange (Forex) market.
It touched a high of 53.07 and later succumbing to 53.37 on month-end dollar demand from oil importers, before settling at 53.26, a gain of eight paise, or 0.15 per cent. The local unit has flared up by 177 paise, or 3.22 per cent, in January.
"Rupee was seen appreciating for the third straight session against the US dollar. International factors like weak GDP figures from the US and sharp recovery in the euro were contributing towards gains in rupee," said Abhishek Goenka, Founder and CEO, India Forex Advisors.
During Indian Forex market hours, the euro was down 0.1 percent at 1.3550, though not far from yesterday's high of 1.3588, its strongest level since November 2011.
The dollar index, a barometer of six major global rivals, was up by 0.08 pct after an unexpected contraction in the US economy and yesterday's Federal Reserve's subdued economic outlook.
Foreign institutional investors put in over USD 180 million (Rs 958.94 crore) into local equities today, according to BSE provisional data. Meanwhile, the BSE benchmark Sensex fell by 110 points at
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