MUMBAI: The rupee depreciated by 11 paise to 66.30 against the US dollar in early trade on Monday due to appreciation in the US currency overseas.
www.sevagiri.comDealers attributed the rupee's fall to fresh demand for the US currency from importers and banks. However, early gains in domestic stock markets capped the rupee losses, they said. The rupee ended steady at 66.19 per dollar on Friday against the American currency at the interbank Foreign Exchange in view of steady dollar in the overseas market.
Meanwhile, the benchmark BSE Sensex advanced by 89.55 points, or 0.34 per cent, to 25,958.04 in early trade on Monday.
Source - TOI
MUMBAI: After a brief pause, the rupee bounced back by four paise to close at 65.27 per dollar on fresh selling of the American currency by banks and exporters on the back of lower greenback overseas.
www.sevagiri.comThe rupee resumed higher at 65.26 per dollar as against the last closing level of 65.31 at the Interbank Foreign Exchange Market and firmed up further to 65.11 on selling of the US currency by banks before concluding at 65.27 per dollar, showing a gain of four paise or 0.06 per cent. The domestic currency hovered in a range of 65.11 and 65.38 per dollar during the day. The rupee had touched a low of 65.38 during the intra-day trade on month-end dollar demand from importers, mainly oil refiners. The rupee had dropped by 38 paise or 0.59 per cent yesterday.
The dollar index was traded lower by 0.30 per cent against a basket of six currencies in the late afternoon trade. In the overseas market, the dollar was trading lower against the yen today, weighed down by the Bank of Japan's decision to stand pat on its monetary stimulus. The Bank of Japan made no changes to its stimulus programme at a meeting on Friday, saying it will maintain its current pace of asset purchases. Pramit Brahmbhatt, Veracity Group CEO, said, "The rupee traded range bound as investors preferred to be cautious in the uncertain market but managed to close on a positive note as Dollar index is trading weak against other major currencies which helped Rupee to trade firm." Today local equities closed on a weak note which dented the rupee movement and forced it to close at 65.27 for the day near yesterday's close. The trading range for the Spot USD/INR pair is expected to be within 64.80 to 65.80. Meanwhile, the Indian benchmark sensex ended lower by 181.31 points or 0.68 per cent today.
Source - TOI
