Indian rupee closes lower for 2nd day in a row, ends 26 paise down at 66.68 vs dollar

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Updated: September 12, 2016 9:16:41 AM

Indian rupee declined for the second consecutive day and closed on a negative note against the US dollar on Friday as demand for demand rose among importers and banks amid lower domestic equity markets.

Indian rupee vs US dollarIndian rupee closed 26 paise down at 66.68 level against the US dollar at the Interbank Foreign Exchange (forex) market against the closing of 66.42 on Thursday.

Indian rupee declined for the second consecutive day and closed on a negative note against the US dollar on Friday as demand for demand rose among importers and banks amid lower domestic equity markets. The local currency closed 26 paise down at 66.68 level against the US dollar at the Interbank Foreign Exchange (forex) market against the closing of 66.42 on Thursday. The BSE Sensex and NSE Nifty ended lower on profit -booking amid weak global cues. Sensex settled with loss of 248.03 points at 28,797.25, while NSE Nifty ended below 8,900 by slipping 85.80 points to end at 8,866.70.

“It has been a volatile week for the Rupee. What started as a strong week after a soft non-farm payroll data continued post soft ISM numbers and Rupee touched a 4-month high of 66.32 levels on spot. However, relentless intervention from central bank overwhelmed speculative and corporate inflows and pulled the USDINR towards 66.67 by close on Friday. Over the next week, we can see more to way trading between 66.40 and 66.80 levels on spot. Bearish bias on USD will be impaired in case prices move above 66.90 and sustain,” said Anindya Banerjee, currency analyst, Kotak Securities.

The currency touched a high and low of 66.75 and 66.52 respectively. The rupee’s movement through out the day remained weak as dollar gained against some other global currencies. In the overseas market, dollar rose against the yen after North Korea’s latest nuclear test pulled cash into the perceived safety of the Japanese currency, at the end of a week that has provided little clear direction for currency investors returning from US and European summer breaks.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.55 and for Euro stood at 75.02 on September 9, 2016. While the RBI’s reference rate for the Yen stood at 65.13, the reference rate for the Great Britain Pound (GBP) stood at 88.59.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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