Indian rupee gains 4 paise to end at 64.93 vs US dollar

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New Delhi | Updated: October 28, 2015 10:17:10 PM

Snapping its two-day losing streak, the rupee today recovered by 4 paise to close at 64.93 per dollar on fag-end selling of the American currency by banks and exporters amid lower greenback overseas.

Indian rupee vs US dollarThe trading range for the Spot USD/INR pair is expected to be within 64.60 to 65.30. (PTI)

Snapping its two-day losing streak, the rupee today recovered by 4 paise to close at 64.93 per dollar on fag-end selling of the American currency by banks and exporters amid lower greenback overseas.

The rupee resumed lower at 65.07 per dollar as against the last closing level of 64.97 at the Interbank Foreign Exchange market and moved down further to 65.09 on initial dollar demand from banks and importers.

However, it trimmed its initial losses against the dollar and recovered to 64.91 before settling at 64.93, showing a gain of four paise or 0.06 per cent.

It had dropped by 14 paise or 0.22 per cent in the previous two days.

It moved in a range of 64.91 and 65.09 per dollar during the day.

The dollar index was trading lower by 0.19 per cent against a basket of six currencies in the late afternoon trade.

In the overseas market, the US dollar struggled for direction in the late afternoon trade, as investors held back from taking lopsided positions ahead of the Federal Open Market Committee’s decision in the US later today.

However, in the global market, the dollar rose yesterday against most of its rivals, but held within a tight trading range, as investors braced for the outcome of a two-day Federal Reserve meeting that will end today with the central bank’s policy statement.

Meanwhile, the benchmark sensex dropped further by 213.68 points or 0.78 per cent to end at 27,039.76.

Pramit Brahmbhatt, Veracity Group CEO, said, “Today the rupee appreciated over four paise for the day taking cues from weak dollar which is trading lower against other major currencies ahead of the US Fed meet which helped rupee to appreciate for the day.”

Though the weak local equities capped the rupee gain and forced it to close at 64.93, he said.

The trading range for the Spot USD/INR pair is expected to be within 64.60 to 65.30.

In forward market today, premium for dollar inched up on mild paying pressure from corporates.

The benchmark six-month premium payable in March ruled steady at 179-181 paise while far forward Sept 2016 contract ended slightly higher at 396-398 paise as against 395-397 paise.

The RBI fixed the reference rate for the dollar at 65.0408 and for the Euro at 71.7530.

The rupee firmed up further against the pound sterling to finish at 99.27 from 99.61 previously while moved down further against the euro to 71.88 from 71.82.

The domestic currency ended higher against the Japanese currency at 53.94 per 100 yen from 54.02.

 

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