Rupee Down 5 Paise to 60.50 on Dollar Demand

Continued month-end dollar demand from importers weighed for the second day on rupee as it eased further today by 5 paise to end at 60.50 against the Greenback but it managed to log fourth straight weekly rise on inflows that drove local shares to record highs.

The dollar index against its six major rivals was also almost stable.

The rupee commenced better at 60.40 a dollar from last close of 60.45 at the Interbank Foreign Exchange (Forex) market. It improved further to a high of 60.3550 on the back of surging domestic stocks to their new peak.

The Indian benchmark S&P BSE Sensex rallied for the sixth straight session and touched an all-time intra-day high of 26,674.38 before closing at 26,638.11 -also new closing high-, showing a rise of 77.96 points or 0.29 per cent.

FIIs infused Rs 290.18 crore in equities yesterday.

Later, dollar demand from importers, mainly oil refiners, pulled it back to a low of 60.70 before recovering some ground to end at 60.50, a fall of five paise or 0.08 per cent.

The rupee gained 3 paise this week. This was its fourth straight weekly rise. For the month (August), rupee gained a marginal 5 paise.

Pramit Brahmbhatt, CEO, Veracity Group said,"Rupee traded weak as dollar demand from importers, mainly oil companies forced Rupee to end low. Local equities closed all time high which supported the rupee to some extent. The trading range for the spot rupee is expected to be within 60.20 to 60.80."

The rupee has appreciated 12 per cent in the past one year after hitting lifetime lows of 68.85 against the dollar on August 28, 2013.

In the forward market today, premium recovered on fresh payments from banks and corporates.

The benchmark six-month premium payable in February moved up slightly to 249-251 paise from 248-250 paise previously.

Far-forward contracts maturing in August, 2015 also rose to 495-497 paise from 491.5-493.5 paise.

The Reserve Bank of India fixed the reference rate for dollar at 60.4745 and for the euro at 79.8620.

The rupee recouped slightly against the pound to 100.35 from overnight close of 100.29 and regained to 58.34 per 100 Japanese yen from 58.17.

It, however, remained firm to end at 79.78 per euro from 79.69 yesterday.

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