Rupee up 8 paise against dollar at 60.29

Rupee up 8 paise against dollar at 60.29

Rupee up 8 paise against dollar at 60.29

The rupee today gained by 8 paise to close the day at 60.29 against the dollar in line with the surge in stock markets, breaking three-day losing streak.

Fresh dollar selling by exporters amid weak dollar overseas aided the rupee, forex dealers said, adding that sustained capital outflows restricted the gain in local currency.

At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed better at 60.30 a dollar from previous close of 60.37.

It swung between of 60.26 and 60.50 before concluding at 60.29, a rise of eight paise.

In the previous three three sessions, the rupee had lost 30 paise.

The BSE benchmark Sensex surged by 351.61 points, snapping three-session of losing string. FIIs withdrew Rs 44.69 crore yesterday, as per provisional data with stock exchanges.

The dollar index was down by 0.24 per cent against a basket of six major global rivals.

Forward dollar premium continued its downslide on persistent receipts by exporters.

The benchmark six-month premium payable in September dropped to 220-221.5 paise from 224.5-226.5 paise previously.

Far forward contracts maturing in March, 2015 also dipped to 460-462 paise from 465-467 paise.

The Reserve Bank of India fixed the reference rate for dollar at 60.38 and for the euro at 83.5737.

The rupee held stable against the pound to 101.37 while closed a tad lower against the euro to 83.56 from 83.55.

It also softened to 59.04 per 100 Japanese yen from 59.03 previously.