​​​
  1. Indian rupee extends losses; down 9 paise against US dollar

Indian rupee extends losses; down 9 paise against US dollar

The Indian rupee extended losses for the second straight day against the American currency by slipping 9 paise to close at 64.06 on sustained dollar demand due to firm US dollar in the overseas market.

By: | Mumbai | Updated: June 12, 2015 8:57 PM
Indian rupee

The Indian rupee started weak at 64.05 from its previous close of 63.97 at the Interbank Foreign Exchange (Forex) market. (Reuters)

The Indian rupee extended losses for the second straight day against the American currency by slipping 9 paise to close at 64.06 on sustained dollar demand due to firm US dollar in the overseas market.

Continued capital outflows and cautious local stocks ahead of announcement of macroeconomic data also weighed on the rupee, a forex dealer said.

The Indian rupee started weak at 64.05 from its previous close of 63.97 at the Interbank Foreign Exchange (Forex) market. It moved in a range of 63.8950 to 64.1450 before concluding at 64.06, disclosing a loss of 9 paise or 0.14 per cent.

It dropped by 22 paise or 0.34 per cent in the previous two days.

BSE Sensex ended higher by 54.32 points or 0.21 per cent.

Meanwhile, foreign investors pulled out Rs 622.89 crore yesterday, according to provisional data.

The dollar index was trading up by 0.41 per cent in the late afternoon Asian trade today against its six major global rivals.

In the global market, the dollar traded higher against its rivals today, as worries surrounding Greece continued to build, though some investors were headed to the sidelines ahead of next week’s US Federal Open Market Committee meeting.

Investors continue to watch headlines related to Greece after IMF halted bailout talks with the troubled nation on Thursday, citing a lack of progress over talks, while European leaders suggested negotiations were nearing an endgame.

Pramit Brahmbhatt, Veracity Group CEO said: “Today rupee depreciated over 9 paise for the day to close at 64.06 taking cues weakness in local equities as investors continued to stay away from the uncertain market.”

Rupee depreciated on weekly basis and closed below the psychological level of 64.

The trading range for the Spot USD/INR pair is expected to be within 63.70 to 64.40.

In the forward market, the premium for dollar moved down further on sustained receivings by exporters.

The benchmark six-month premium payable in November moved down further to 209.5-210.5 paise from 210.5-212.5 paise yesterday and forward contracts maturing in May, 2016 also declined further to 433.5-434.5 paise from 437-439 paise.

The RBI fixed the reference rate for the dollar at 64.0301 and for the euro at 71.8994.

The rupee dropped further against the pound sterling to 99.28 from 98.96 yesterday while recovered against the euro to 71.68 from 72.04 previously.

The domestic currency reacted downward against the Japanese unit to 51.79 per 100 yen from 51.72 yesterday.

For Updates Check Banking News; follow us on Facebook and Twitter

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Tags: Indian Rupee

Go to Top