Rupee up 19 paise vs $; logs longest winning streak since 2012

Rupee up 19 paise vs $; logs longest winning streak since 2012

The Indian rupee today strengthened by 19 paise against US dollar in its sixth straight day of rise -- its longest winning run since 2012 -- to end at 62.27 on sustained selling of the greenback by banks and exporters amid foreign capital inflows.

The rupee resumed slightly higher at 62.40 per dollar as against the last weekend's level of 62.46 per dollar at the Interbank Foreign Exchange (Forex) Market.

It then firmed up further to 62.24 per dollar before ending at 62.27 per dollar, showing a gain of 19 paise or 0.30 per cent. It has gained 70 paise, or 1.11 per cent, in six successive trading sessions. This is its longest winning streak since 2012.

Banks and exporters preferred to reduce their dollar position in view of good foreign capital inflows into equity market, said forex brokers, adding that the US currency's weakness has also helped the rupee sentiment.

To deepen markets and help raise funds for business and infrastructure projects, capital markets regulator Sebi has announced a slew of measures including for listing of municipal bonds and for setting up of a global financial hub within India on the lines of Singapore and Dubai.

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 354.59 crore last Friday, as per provisional data.

In the Asian market, the dollar was down slightly in a rangebound Asia trade today amid lack of fresh cues.

The dollar index, a gauge of six major global rivals, was down by 0.14 per cent today.
"The Dollar continues to weaken on Monday. The Euro remains flat to positive against the Dollar as markets await European Central Bank President Mario Draghi's address in which he likely to comment on Greece’s debt crisis and the progress of the ECB's ongoing bond-purchase programme," said Suresh Nair, Director, Admisi Forex India Pvt Ltd.

In the New York Market, the dollar finished the week about 1.5 per cent lower against the Euro on last Friday, snapping three weeks of gains.

Oil prices dropped around a percentage point in early Asian trade after Saudi Arabia said over the weekend that it would not unilaterally cut its output to defend prices.
Meanwhile, the Indian stock benchmark Sensex ended lower by 69.06 points, or 0.24 per cent, to 28,192.02.

The forward premia ended higher on paying pressure from corporates.
The benchmark six-month premium payable in August firmed up to 217-219 paise from last weekend's level of 215-217 paise and forward contracts maturing in February 2016 also ended higher at 445-447 paise from 441-443 paise.

The Reserve Bank of India fixed the reference rate for dollar at 62.2879 for Euro at 67.3644.
The rupee fell against the pound to 92.88 as against 92.12 previously and ended lower against the euro to 67.82 per euro as against 66.79 per euro.

The domestic currency also dropped against the yen to 51.98 per 100 Japanese yen from 51.59 previously.

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