Rupee ends 26 paise lower against dollar

April 03, 2014 06:59 pm | Updated November 16, 2021 07:28 pm IST - Mumbai

The rupee on Thursday dropped 26 paise to close at 60.16 against the dollar on fresh dollar demand from banks and importers in view of the U.S. currency gaining in overseas markets and weakness in local equities.

Forex dealers, however, said foreign capital inflows seemed persisting and this capped the rupee’s fall.

At the Interbank Foreign (Forex) market, the local unit commenced lower at 59.95 a dollar from last close of 59.90.

It dropped further to a low 60.28 before ending at 60.16, a loss of 26 paise or 0.43 per cent from its previous end.

“The rupee marked its losses against the dollar today, doing away with its gaining streak witnessed in the past few sessions. The global strength in the dollar index ahead of the key US service PMI numbers weighed down the gains of majority of the EM currencies,” said Abhishek Goenka Founder and CEO, India Forex Advisors.

The local unit had gained 41 paise or 0.68 per cent in the precious two trading sessions. Sustained capital inflows into stocks and debts had helped the local currency to trade above 59-level for the first time in eight months on March 28.

The dollar index on Thursday was up by 0.11 pct against a basket of six major global units.

In the New York market, the dollar rose against the euro yesterday after the U.S. private sector added the most jobs in three months, setting the stage for Friday’s broader read on employment and its implications for rate hikes next year.

Meanwhile, the benchmark BSE Sensex finished lower by 42.42 points after scaling historic high in early trade.

The benchmark six-month premium payable in September dropped to 249-251 paise from 258.5-260.5 paise previously.

Far forward contracts maturing in March, 2015 also tumbled to 497.5-499.5 paise from 509.5-511.5 paise.

The Reserve Bank of India fixed the reference rate for dollar at 60.12 and for the euro at 82.74.

The rupee remained weak against the pound at 99.84 from last close of 99.69 and also moved down to 82.77 per euro.

It fell to 57.90 per 100 Japanese yen from last level of 57.77.

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.