In lackluster trade, the Indian rupee today closed almost flat at 61.73 against the Greenback...
In lackluster trade, the Indian rupee today closed almost flat at 61.73 against the Greenback on alternate bouts of demand and supply amid rise in US dollar value overseas.
While the marginal drop in rupee was its third straight session of decline, the local currency seemed to hold steady compared to Asian peers, who saw volatility after data showed Japan slipping into recession, said forex experts.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at 61.63 a dollar from previous close of 61.72, but later declined to a low of 61.7875 before settling at 61.73, showing a fall of a mere one paise or 0.02 per cent.
The dollar was trading strong in overseas market as the dollar index was up by 0.13 per cent against its major six global rivals.
The benchmark S&P Sensex today improved further by over 131 points, or 0.47 per cent to end at new peak while FIIs bought shares worth USD 109.58 million last Friday.
Good capital inflows in Indian equities cushioned the rupee fall, a forex dealer said.
Pramit Brahmbhatt, Veracity Group CEO said,”Rupee is expected to appreciate in coming days tracking gains in local equities. The trading range for the spot rupee is expected to be within 61.20 to 62.00.”