Rupee ends lower by 9 paise againt dollar

By: |
Mumbai | February 23, 2015 8:27 PM

The rupee today ended lower by 9 paise at 62.31 against the US currency on fag-end dollar demand from banks and importers amid sharp fall in stock markets...

Indian Rupee, US dollar, Rupee to dollar, Rupee vs dollar, dollar rate, dollar rate today, Interbank Foreign Exchange, BSE SensexGains in dollar against major world currencies in overseas markets also put pressure on the domestic unit, traders said.

The rupee today ended lower by 9 paise at 62.31 against the US currency on fag-end dollar demand from banks and importers amid sharp fall in stock markets.

Gains in dollar against major world currencies in overseas markets also put pressure on the domestic unit, traders said.

The rupee resumed higher at 62.20 per dollar as against the last close of 62.22 per dollar at the Interbank Foreign Exchange (Forex) Market. It firmed up further to 62.15 per dollar on initial selling of dollars by exporters in view of good foreign capital inflows.

However, the rupee washed out its initial gains and fell to 62.32 per dollar on fag-end dollar demand from banks before finishing at 62.31 per dollar, showing a loss of 9 paise or 0.14 per cent from its Friday’s close.

It hovered in a range of 62.15 per dollar and 62.32 per dollar during the day.

Veracity Group CEO Pramit Brahmbhatt said, “Rupee traded range bound today and ended slightly weak as the demand for US dollar rose amid expectation of increase in US interest rates before June.”

The dollar index was up by 0.60 per cent against a basket of its major global rivals.

The benchmark BSE Sensex today fell by 256 points to settle below 29,000 level due to late selling mainly in banking, oil & gas and FMCG stocks.

Selling of dollar by some banks helped rupee to trade firm against the strong dollar in the afternoon, analysts said.

The trading range for the Spot USD/INR pair is expected to be within 61.80 to 62.70, they added.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, 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.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1SBI, Adani Capital sign pact for co-lending to farmers
2Shriram City records highest-ever 2-wheeler loans of Rs 1,022 cr in November
3Dhanlaxmi Bank’s part-time chairman resigns from board