Indian rupee recovered by 32 paise to close at 63.81 per US dollar

By: | Published: August 8, 2015 3:21 PM

Indian rupee snapped 3-week losing streak against the US dollar, recovered by 32 paise to close at 63.81 per dollar on fresh selling by banks and exporters on the back of good foreign capital inflows into equity market.

Indian rupeeThe Indian rupee firmed up further against the pound to close the week at 99.03 from 99.86 in the previous weekend and also moved up against the euro to 69.76 from 70.33. (Reuters)

Indian rupee snapped 3-week losing streak against the US dollar, recovered by 32 paise to close at 63.81 per dollar on fresh selling by banks and exporters on the back of good foreign capital inflows into equity market.

Foreign portfolio investors (FPIs) infused US dollar 278.32 millions during the first four days of the week as per the SEBI’s record.

Rupee resumed higher at 64.01 per dollar as against the last weekend’s level the Interbank Foreign Exchange (Forex) Market hovering in a range of 63.7100 and 64.1000 per dollar before finishing the week at 63.81, showing a gain of 32 paise or 0.50 per cent.

It had dropped by 74 paise or 1.17 per cent in the previous three weeks.

Dollar struggled in the Aisan markets with traders treading water as they waited for the top-tier non-farm pay-rolls report which may strengthen or weaken the case for a September rate hike.

Oil prices fell in Asia on persistent concerns of supply glut after the OPEC cartel’s indication of not budging from its current lofty output levels, analysts said.

The benchmark Sensex rose by 121.83 points or 0.43 per cent.

Meanwhile, the Reserve Bank Of India kept its policy rates unchanged, with Governor Raghuram Rajan saying that the headline inflation is at elevated levels and banks are yet to pass on the full benefits of previous rate cuts.

In the forward market, the premium ended lower on persistent receiving from exporters.

Forward dollar premium payable in January fell to 209.5-211.5 paise from last weekend’s level of 217-219 paise and far-forward contract maturing in July 2016 also closed lower at 435.5-437.5 as against the last weekend’s level of 441-443 paise.

RBI fixed the reference rate for the dollar at 63.8061 and the euro at 69.6571 from the preceding weekend’s level of 64.0054 and 70.1627, respectively.

The Indian rupee firmed up further against the pound to close the week at 99.03 from 99.86 in the previous weekend and also moved up against the euro to 69.76 from 70.33.

The domestic currency firmed up against the Japanese currency to end at 51.20 per 100 yen from the preceding weekend’s level of 51.58.

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