Press Esc to close
Friday 01 August 2014
News updated at 11:16 AM IST
Weather
Max: 28.4°C
Min : 20.2°C
In Bangalore
Cloudy sky

Rupee gains 16 paise to end at over 1-wk high of 61.79 vs USD

Mumbai, Dec 24, 2013, PTI:
Reuters

Rising for the third session in a row, the rupee advanced by 16 paise to close at over one-week high of 61.79 against the US dollar today after exporters sold the American currency ahead of durable goods order data.

Negative closing in Indian stocks and a firm dollar overseas, however, restricted the rupee's rise.

The rupee opened higher at 61.84 a dollar from yesterday's close of 61.95 at the Interbank Foreign Exchange market. However, it fell back in afternoon trade to a low of 61.97 tracking a drop in stocks and a strong dollar abroad.


Later, it bounced back on dollar selling by exporters and some banks to a high of 61.78, before settling at 61.79, a net rise of 16 paise or 0.23 per cent. This is its best closing since 61.73 on December 16.

In three trading days, the rupee has shot up by 35 paise or 0.56 per cent against the US dollar.

The BSE benchmark Sensex today washed out initial gains and closed down by 68.32 points, or 0.32 per cent.

As per provisional data, FIIs pumped in Rs 40.67 crore today in stocks. Yesterday, net inflows was Rs 135.42 crore.

The dollar index was last trading up by 0.12 per cent against a basket of six major global currencies amid low volumes due to a holiday-shortened week. Later in the day, orders for durable goods in November are expected to be out.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: "Today dollar index, which tracks the performance of the greenback versus a basket of six major currencies, traded positive as most of the investors are waiting for new year 2014 to open their new books of accounts.

"Rupee continued to trade strong for the third day in a row and appreciated... Immediate support for USD/INR spot is at 61.50. The trading range for the USD/INR is expected to be within 61.50 to 62.50."

"Rupee has retraced all of the pre-FOMC loses and is now trading at a week's high. However, action is expected to be muted as we approach the end of the year.
"We expect a range of 61.00/50 and 62.50/63.00 for the next couple of weeks," Anindya Banerjee, currency analyst, Kotak Securities.

Forward dollar premiums rebounded on fresh payments from banks and corporates.
The benchmark six-month forward dollar premium payable in May rose to 232-234 paise from 227-1/2-229-1/2 paise previously.

Far-forward contracts maturing in November also recovered to 474-476 paise from 465-1/2-467-1/2 paise.

The RBI fixed the reference rate for the dollar at 61.8668 and for the euro at 84.6510.

The rupee improved further against the pound to 101.13 from 101.32 yesterday while it recovered to 84.49 per euro from 84.75.

The rupee bounced back to 59.25 per 100 Japanese yen from 59.66.

Go to Top

Photo Gallery
An man holds a cycle and wades through a flooded street as it rains in Mumbai. Heavy rainfall...

An man holds a cycle and wades through a flooded street as it rains in Mumbai. Heavy rainfall...

A traditional Teej procession at Tripolia Gate in Jaipur on Thursday...

A traditional Teej procession at Tripolia Gate in Jaipur on Thursday...

Gold medal winner Vikas Shive Gowda of India throws the discus in the final at Hampden Park...

Gold medal winner Vikas Shive Gowda of India throws the discus in the final at Hampden Park...

South Africa's Rhett Halkett, right, vies for the ball with India's Chandanda Nikkin, during...

South Africa's Rhett Halkett, right, vies for the ball with India's Chandanda Nikkin, during...

Arvind Panwar makes his way towards the finish line in the Men's Time Trial during...

Arvind Panwar makes his way towards the finish line in the Men's Time Trial during...

Dipa Karmakar of India performs during the women's gymnastics vault apparatus final at the 2014...

Dipa Karmakar of India performs during the women's gymnastics vault apparatus final at the 2014...

Babita Kumari wrestles with Canada's Brittanee Laverdure during the women's Freestyle...

Babita Kumari wrestles with Canada's Brittanee Laverdure during the women's Freestyle...

People at waterlogged Shivaji Chowk, Bhiwandi after heavy rains near Mumbai on Thursday...

People at waterlogged Shivaji Chowk, Bhiwandi after heavy rains near Mumbai on Thursday...

NDRF personnel with a body of a victim of landslide at Malin village on Thursday...

NDRF personnel with a body of a victim of landslide at Malin village on Thursday...

A crack seen on the highway caused by the erosion due to heavy rains at Kasara Ghat...

A crack seen on the highway caused by the erosion due to heavy rains at Kasara Ghat...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523