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  1. Indian rupee ends 13 paise down at 63.97 against US dollar

Indian rupee ends 13 paise down at 63.97 against US dollar

The Indian rupee today slipped by 13 paise to close at 63.97 against the US dollar on fresh demand for the greenback from banks and importers.

By: | Mumbai | Updated: June 11, 2015 10:40 PM
Indian rupee vs US dollar

Indian rupee strengthened by another 8 paise to 63.76 against the US dollar in early trade today at the Interbank Foreign Exchange. (PTI)

The Indian rupee today slipped by 13 paise to close at 63.97 against the US dollar on fresh demand for the greenback from banks and importers.

Besides, higher dollar overseas amid continued capital outflows kept the rupee under check, forex dealers said.

At the Interbank Foreign Exchange (Forex), the domestic currency resumed higher at 63.81 from last close of 63.84 and improved further to a high of 63.74 on initial strong rally in local stocks.

However, it met with strong resistance and fell back to a low of 64.01 before ending at 63.97, showing a loss of 13 paise, or 0.20 per cent, from its last close.

The rupee had gained by 24 paise, or 0.37 per cent, in the last two days.

It hovered in a range of 63.74 and 64.01 during the day.

Foreign Portfolio Investors (FPIs) continued their selling spree and sold shares worth Rs 482.11 crore yesterday, as per provisional data.

The dollar index, a gauge of six major global rivals, was up by 0.54 per cent in Asian trade today.

Meanwhile, current account deficit (CAD) narrowed sharply to USD 1.3 billion, or 0.2 per cent of GDP, on a sequential basis, mainly on account of a lower trade gap.

In the Asian market, the yen fell against the dollar and the euro today, with dip buying kicking in to bring the greenback back from the lows caused by comments by the head of the Bank of Japan the previous day.

The benchmark S&P BSE Sensex today ended lower by 469.52 points, or 1.75 per cent, to settle at 26,370.98.

Veracity Group CEO Pramit Brahmbhatt said,” Today, not much movement was seen in the USD/INR pair. The pair traded range bound as investors awaited for the US job data due for the day which will show the road ahead to the market.

“Also, weak local equities and strong dollar dented the rupee movement and forced it to depreciate over thirteen paise for the day to close at 63.97.”

The trading range for the Spot USD/INR pair is expected to be within 63.60 to 64.30.

In the forward market, the premium for dollar declined on fresh receivings by exporters.

The benchmark six-month premium payable in November moved down to 210.5-212.5 paise from 214.5-215.5 paise yesterday and forward contracts maturing in May, 2016 also moved down to 437-439 paise from 439-440 paise.

The RBI fixed the reference rate for the dollar at 63.8910 and for the euro at 72.3118.

The rupee dropped further against the pound sterling to 98.96 from yesterday’s closing level of 98.72 and declined marginally against the euro to 72.04 from 72.01 previously.

The domestic currency recovered against the Japanese unit to 51.72 per 100 yen from 51.83 yesterday.

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