Sunday 28 August 2016
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Rupee Logs Fifth Straight Weekly Rise Against US Dollar

Mumbai

The rupee today fell back by three paise to end at 60.39 against the US dollar but managed to log its fifth straight weekly rise on account of recent gains.

The rupee commenced lower at 60.44 a dollar from previous close of 60.36 at the Interbank Foreign Exchange (Forex) market. It was then trapped in a limited range of 60.3775 and 60.5175 before finishing at 60.39 -- a small loss of three paise or 0.05 per cent.

In previous two days, it had risen by 32 paise or 0.53 per cent. These gains helped the domestic currency register its fifth straight weekly gains as it appreciated by 11 paise.

In the preceding four weeks, it had gained 3 paise, 29 paise, 39 paise and 3 paise against the Greenback.

Meanwhile, the Indian benchmark S&P BSE Sensex today declined by another 59.23 points, or 0.22 per cent.

FPIs/FIIs injected USD 286.54 million yesterday, as per provisional data after picking up shares worth a net USD 216.91 million on Wednesday.

The dollar index was down 0.10 per cent against its major global rivals ahead of announcement of US non-farm payrolls for August.

Meanwhile, the European Central Bank (ECB) yesterday surprisingly cut its key policy rates to record low and announced additional measures to fuel the flagging economy.

According to forex dealers, it will help Asian currencies as liquidity will flow into Asia, including India.

Pramit Brahmbhatt, CEO, Veracity Group said: "Rupee traded range bound and ended slightly weak. It is expected to appreciate in coming days tracking gains in local equities."

The trading range for the Spot rupee is expected to be within 60.00 to 60.80, he added.

In the forwards market today, premium remained mixed.

The benchmark six-month premium payable in February eased further to 242.5-244.5 paise from 243.5-245.5 paise previously while far-forward contracts maturing in August, 2015 improved to 495.5-497.5 paise from 493.5-495.5 paise.

The Reserve Bank of India fixed the reference rate for dollar at 60.4385 and for the euro at 78.1953.

The rupee fell back sharply against the pound to 98.48 from Thursday's close of 99.27 and also tumbled to 78.26 per euro from 79.25.

It, however, improved further to 57.41 per 100 Japanese yen from 57.50.

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