Rupee Falls Nine Paise Vs US Dollar to End at 60.56

Retreating from over three-week highs, the Indian rupee today fell nine paise to close at 60.56 against the Greenback on late profit booking in local equities and fresh dollar demand from oil importers.

However, sustained capital inflows and a weak dollar overseas limited the rupee fall, a forex dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced lower at 60.52 a dollar from previous close of 60.47. It tried to recover and logged an intra-day high of 60.41 on initial strong rally in local stocks.

However, the rupee met with strong resistance on fag-end profit booking in local shares and renewed dollar demand from importers, mainly oil refiners, to meet their month-end requirements. It fell back to a low of 60.58 before settling at 60.56, a fall of nine paise or 0.15 per cent.

Last Friday, it had gained 20 paise to end at more than three-week high of 60.47.

The Indian benchmark S&P BSE Sensex, which was up by over 210 points at mid-session, washed out early sharp gains and closed with a marginal gain of 17.47 points or 0.07 per cent.

Foreign Portfolio Investors (FPIs) injected Rs 302.06 crore last Friday, as per provisional data.

The dollar index against its major global rivals was down by 0.14 per cent.

Pramit Brahmbhatt, Veracity Group, CEO said: "Rupee initially showed some positive trend taking cues from local equity market which made new intra-day highs. However, the rupee lost his early gains and closed weak. The trading range for the spot rupee is expected to be within 60.20 to 61.00."

 

Emerging story. Watch this space for updates as more details come in
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