Indian Rupee snaps 3-day winning spree, down 6 paise to 67.11

By: | Updated: March 15, 2016 9:51 AM

Losing its three-day gaining momentum, the rupee today dropped six paise to end at 67.11 per dollar on fag-end demand for the American currency from banks and importers on the back of higher greenback in the overseas market.

Indian rupee vs US dollarIndian rupee vs US dollar: In cross-currency trades, the rupee declined further against the pound sterling to finish at 96.34 from the last weekend’s level of 95.83 and also moved down against the euro to close at 74.61 from 74.32. (Express Photo by Akash Sinha)

Losing its three-day gaining momentum, the rupee today dropped six paise to end at 67.11 per dollar on fag-end demand for the American currency from banks and importers on the back of higher greenback in the overseas market.

However, persistent foreign capital inflows amidst firm domestic equity restricted the rupee’s fall, a forex dealer said.

The rupee resumed higher at Rs 66.99 against Friday’s closing level of 67.05 at the Interbank Foreign exchange (forex) market and firmed up further to a high of 66.8750 on initial selling of dollars by banks and exporters.

However, it dropped afterwards to 67.15 before ending at 67.11 due to fag-end dollar demand from banks and importers on the back of higher greenback in the overseas market, showing a loss of 6 paise or 0.09 per cent.

The rupee had gained by 30 paise or 0.45 per cent in previous three trading days.

The domestic currency hovered in a range of 66.87 and 67.15 per dollar during the day.

The dollar index was up 0.32 per cent against a basket of six currencies in the late afternoon trade.

Overseas, the US dollar steadied against its major rivals in late Asian trade following last week’s large swings, as the market braced for Japanese and US central bank policy meetings that could provide investors with fresh incentive.

Pramit Brahmbhatt said, “The rupee opened on a stronger note compared to the US dollar taking cues from domestic equity market. The rupee opened above 67 mark but as expected 66.80/USD acted as a strong resistance and we saw some short of weakness in the rupee thus by strengthening USD. We witnessed minor profit-booking in domestic equity market at higher levels and thus Nifty closed with a gain of 29 points.

Finally to end the day, the rupee closed losing 6 paise at 67.11 per dollar.

Meanwhile, the benchmark BSE Sensex ended higher by 86.29 points or 0.35 per cent today.

In forward market, premium for dollar eased due to mild receivings from exporters.

The benchmark six-month premium for August eased to 225-227 paise from the last weekend’s level of 226.5-228.5 paise and far forward February 2017 contract also moved down to 432-434 paise from 434.5-436.5 paise.

The RBI fixed the reference rate for the dollar at 67.0230 and euro at 74.8044.

In cross-currency trades, the rupee declined further against the pound sterling to finish at 96.34 from the last weekend’s level of 95.83 and also moved down against the euro to close at 74.61 from 74.32.

The domestic unit fell against the yen to settle at 59.03 per 100 yen from 58.91.

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