Rupee Ends Down 3 Paise Against Dollar

Mumbai
Rupee Ends Down 3 Paise Against Dollar
outlookindia.com
-0001-11-30T00:00:00+0553
The rupee today recovered its initial sharp losses in line with the local equities and late dollar demand, still it ended lower by three paise against the US currency.

A weak dollar overseas amid early fall in local equities and fresh capital outflows led the rupee to resume down at 44.55/56 a dollar from 44.45/46 at the Interbank Foreign Exchange (Forex) market.

It immediately touched a low of 44.7050 as the Bombay Stock Exchange benchmark Sensex was down by nearly 115 points in morning deals and Foreign Institutional Investors (FIIs) pulled out USD 178.57 million on April 18 as per SEBI data.

However, later the rupee touched a high of 44.45 before concluding at 44.48/49 as the Sensex rebounded from early losses and ended up by about 31 points or 0.16 per cent.

Late dollar demand from importers too helped the rupee to bounce back.

Meanwhile, the US crude oil was trading above USD 106 a barrel.

Alpari Forex (India) CEO Pramit Brahmbhatt said, "Euro's loss against the greenback affected the rupee, which went down to two-and-a-half week low and looking towards the volatile local equities USDINR spot pair is expected to touch 44.75."

"The trading range for the USD/INR will be between 44.25- 44.75 tomorrow," he added.

Meanwhile, the dollar index, consisting of six major currencies was down by 0.23 per cent in the European market, stemming the rupee to fall to the minimum level.

The rupee premium for the forward dollar finished lower on fresh receivings by exporters. The benchmark six-month forward dollar premium payable in September closed down at 146-148 paise from 148-150 paise on Monday.

Far-forward contracts maturing in March also eased to 301-1/2-302-1/2 paise from 302-304 paise previously.

The Reserve Bank of India has fixed the reference rate for the dollar at Rs 44.68 and the euro at Rs 63.53.

The fell back to Rs 72.51/53 against the pound sterling from Monday's close of Rs 72.34/36 and also softened against the euro to Rs 63.54/46 from Rs 63.50/52 previously.

It, however, continued to rule weak against the Japanese yen to Rs 53.84/86 per 100 yen from its last close of Rs 53.66/68.
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