Press Esc to close
Tuesday 22 August 2017
News updated at 3:54 AM IST

Rupee back on downward spiral

Mumbai, August 26, 2013, DHNS: 23:33 IST

Loses 111 paise to close at 64.31

PTI
The domestic currency rupee on Monday wiped out all its gains made on Friday last -- hitting an intraday low of 64.60 -- and lost 111 paise or 2.0 per cent to 64.31 against the US dollar in the closing on the back of heavy dollar demand from oil importers.

The dollar-rupee pair made a high of 64.72 levels and a low of 63.64 levels this day. It may be noted that Rupee on Friday last had overcome its 4-consecutive all-time closing lows to settle at 63.20 in the closing.

During this day, the rupee was seen weakening due to continued dollar buying pressure in the local market and it was not getting any cues globally from the dollar index or euro which was trading flat.

Commenting, Kotak Securities currency analyst Anindya Banerjee said, “Indian Rupee depreciated by around 2 per cent against dollar to trade at 64.50. Strong demand from US dollar from Indian corporates was enough to engulf supply US dollars from custodian banks. Rating agency Fitch’s warning on sovereign ratings also weighed on Rupee. Over the near-term a range of 63.50 to 65.00 could been seen, with demand for US dollar remaining strong at lower levels.”

Another brokerage house CLSA thinks rupee will resume depreciation after temporary respite. It expects the rupee to weaken to 67 to 68 per dollar mark by the end of fiscal year 2014. It also sees the rupee heading to at least 70 to 72 per dollar mark by FY ’15.

Meanwhile on the equities front, key benchmark indices Sensex and Nifty -- after starting the week on a volatile note -- closed the session in green adding 39 points and 4 points to settle at 18,558 and 5,476 points respectively. Weak rupee seemed to have helped the IT stocks as Infosys was up by 1 per cent. BHEL from the capital goods segment was one more stock which helped the markets to move higher as it was up by 7 per cent.

Go to Top

Photo Gallery
Bollywood actors Jacqueline Fernandez and Aditya Roy Kapur walk the ramp during the grand finale...

Bollywood actors Jacqueline Fernandez and Aditya Roy Kapur walk the ramp during the grand finale...

Artists rest at an artisan village in Kolkata on Monday ahead of upcoming Durga Puja...

Artists rest at an artisan village in Kolkata on Monday ahead of upcoming Durga Puja...

Devotees gather to take holy dip at Har ki Paidi on the occasion of Somvati Amavasaya in...

Devotees gather to take holy dip at Har ki Paidi on the occasion of Somvati Amavasaya in...

MD and CEO, Mercedes-Benz India, Roland Folger and AMG driver Christian Hohenadel during the...

MD and CEO, Mercedes-Benz India, Roland Folger and AMG driver Christian Hohenadel during the...

Indian women's cricket team member Veda Krishnamurthy being felicitated by CII Sourthern Region...

Indian women's cricket team member Veda Krishnamurthy being felicitated by CII Sourthern Region...

A view of Salt Lake Stadium, officially known as Vivekananda Yuba Bharati Krirangan being...

A view of Salt Lake Stadium, officially known as Vivekananda Yuba Bharati Krirangan being...

The Golden Temple being decorated with flowers on the eve of the anniversary of the installation...

The Golden Temple being decorated with flowers on the eve of the anniversary of the installation...

Villagers use a makeshift bamboo bridge to cross a flooded locality at Itahar village in...

Villagers use a makeshift bamboo bridge to cross a flooded locality at Itahar village in...

web series Netflix's Sacred Games in...

web series Netflix's Sacred Games in...

A butterfly on a flower at a park in Guwahati on...

A butterfly on a flower at a park in Guwahati on...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.