Rupee edges higher against US dollar at 61.41

January 27, 2015 07:24 pm | Updated 07:24 pm IST - Mumbai

The rupee resumed lower at 61.50 per dollar as against last Friday’s close of 61.42 at the Forex market. File Photo

The rupee resumed lower at 61.50 per dollar as against last Friday’s close of 61.42 at the Forex market. File Photo

The Indian rupee on Tuesday ended marginally higher against the American currency at 61.41 amid volatile trading on the back of a higher dollar overseas.

Earlier, the rupee resumed lower at 61.50 per dollar as against last Friday’s close of 61.42 at the Interbank Foreign Exchange (Forex) market. It then declined to 61.51 per dollar on dollar demand from banks and importers.

However, the rupee recovered afterwards to 61.37 per dollar on selling of dollars by banks and exporters tracking heavy foreign capital inflows into equity market. It finally settled at 61.41 per dollar, showing a marginal gain of one paisa or 0.02 per cent.

It hovered in a range of 61.37 per dollar and 61.51 per dollar during the day.

Heavy capital inflows and higher equities lifted the rupee sentiment, dealers said. The Indian benchmark Sensex rose by 292.20 points or one per cent to settle at 29,571.04.

The dollar index was down by 0.23 per cent against a basket of six major global rivals.

In New York, the US dollar was higher against its major rivals in the early trade, though the euro held onto modest gains, having bounced off an 11-year low as investors decided to take profits on extremely bearish positions.

Veracity Group, CEO, Pramit Brahmbhatt said, “Rupee traded in a thin range and ended flat just above previous close at 61.41. Rupee is expected to appreciate more in coming days tracking gains in local equities”.

The trading range for the spot USD/INR pair is expected to be within 61.00 to 61.80, he added.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.