After a day’s breather, the rupee today fell by 9 paise to 67.64 per dollar on fresh demand for the American currency from banks and importers.
The local unit resumed lower at 67.65 per dollar as against yesterday’s closing level of 67.55 and dropped further to 67.73 before finishing at 67.64, showing a loss of 9 paise or 0.13 per cent.
The rupee had gained by 52 paise or 0.76 per cent yesterday.
The domestic currency moved in a range of 67.58 and 67.73 per dollar during the day.
In the global market, the US dollar steadied against its major rivals in early Asian trade, but remained on track for weekly losses, as investors braced for US employment figures later in the session over the latest clues on the outlook for the Federal Reserve’s monetary tightening path.
Crude oil prices advanced today, as US dollar weakness lent some support to prices despite fundamentals remaining weak.
Pramit Brahmbhatt of Veracity Financial Services said, “Despite positive global cues, the rupee opened on a negative note near 67.7 levels. But for the day, the rupee found support near 67.6 levels on back of strength in domestic equity market and ended at 67.64.
Trading range for spot USD/INR pair is expected to be within 67.2 to 68 levels.
The BSE benchmark Sensex ended higher by 278.54 points or 1.14 per cent today.
In forward market, premium for dollar eased further on persistent receivings from exporters.
The benchmark six-month premium payable in July moved down to 202-204 paise from 203-205 paise yesterday and far forward January 2017 contract declined further to 411-413 paise from 412-414 paise.
The RBI fixed the reference rate for the dollar at 67.6365 and for the euro at 75.7326.
In cross-currency trades, the rupee recovered against the pound sterling to end at 98.27 from 98.78 yesterday while the euro also moved down further to 75.74 from 75.54.
The domestic unit declined further against the yen to 57.91 from 57.47 per 100 yen.