Recovering from early losses, the rupee today ended marginally up at 47.12/13 against the U.S. currency on mild dollar selling towards the end of the trade and a late recovery in equity markets.
After fairly active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit closed 3 paise higher at 47.12/13 a dollar.
Dealers said a late strong recovery in equities had a positive rub off on the Indian rupee. Mild dollar selling by exporters at the fag-end also supported the rupee.
The rupee opened weak at 47.33/34 a dollar from its last close of 47.15/16 and touched a low of 47.35 in line with sluggish stocks.
The Indian benchmark Sensex was also down by over 97 points in early stages on lower Asian advices.
However, stocks later gradually recovered continuously to settle the day at more than 29-month high of 18,113.15 points, giving support to the rupee sentiment.
The rupee later bounced back to a high of 47.08 before concluding at 47.12/13 a dollar.
The dollar was lower against its major rival. The dollar was down to near 7—month low against the yen and also fell against the euro.
Meanwhile, global crude oil was trading towards $ 77 a barrel in London today.
The rupee premium for the forward dollar turned lower on fresh receivings by exporters.
The benchmark six-month forward dollar premium payable in December closed down at 87/89 paise from 90-92 paise on Wednesday and far-forward maturing in June also settled weak at 158-160 paise from 161-163 paise previously.
The Reserve Bank of India fixed the reference rate for the dollar at Rs. 47.33 and for the euro at Rs. 60.38.
In cross currency trade, the domestic unit moved down further against the pound sterling while reacted downwards against the euro and the Japanese yen.
The rupee eased against the Pound Sterling to end at Rs. 72.00/72.02 per pound from Wednesday’s close of Rs. 71.92/94 while fell back against the euro to Rs. 60.61/63 per euro from Rs. 60.40/42 previously.
It, also declined against the yen to Rs. 54.30/32 per 100 yen from its last close of Rs. 54.24/26.