Rupee falls for third day, down 6 paise

December 26, 2014 06:10 pm | Updated 06:10 pm IST - Mumbai

NEW DELHI: RUPEE  THROUGH THE DAY  . PTI GRAPHICS   (PTI12_26_2014_000123B)

NEW DELHI: RUPEE THROUGH THE DAY . PTI GRAPHICS (PTI12_26_2014_000123B)

Continuing its descent for the third straight session, the Indian rupee on Friday declined by six paise to close at 63.57 against the Greenback following sustained month-end dollar demand from importers and capital outflows.

A modest recovery in local equities, however, capped the rupee fall to some extent while dollar index was almost stable in overseas market in thin trade.

At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed better at the day’s high of 63.45 a dollar from its previous close of 63.51.

However, it later fell back on continued month-end dollar demand from importers, mainly oil refiners, and persistent capital inflows to a low of 63.70. It recovered some ground to settle at 63.57, showing a fall of six paise or 0.09 per cent.

In a lacklustre trade on Friday, the benchmark S&P BSE Sensex today edged up by 33.17 points, or 0.12 per cent, breaking two-day declining trend. FPIs sold shares worth Rs 2,808.27 crore on December 24, as per provisional data.

Pramit Brahmbhatt, Veracity Group CEO, said, “...Indian Rupee traded weak and depreciated by six paise, taking cues from FIIs profit booking and dollar demand from oil companies. The trading range for the spot rupee is expected to be within 63.20 to 64.00.”

In the forward market, premia continued to trade weak on sustained receipts by exporters.

The benchmark six-month premium payable in May declined to 189.5-191.5 paise from 192.75-194.5 paise previously.

Forward contracts maturing in November 2015 dropped to 394.5-396.5 paise from 399.5-401.5 paise.

The Reserve Bank of India fixed the reference rate for dollar at 63.6355 and for euro at 77.7435.

The rupee moved down further to 98.93 against the pound from 98.72 and softened further to 77.48 per euro from 77.44.

It, too slipped to 52.85 per 100 Japanese yen from last close of 52.73.

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.