Rupee loses steam, down by 28 paise against dollar

The rupee fell by 28 paise to 46.25/26 against the U.S. dollar, weighed down by higher capital outflows after the equity indices tumbled in an all-round selling on Thursday.

Forex dealers said, the local currency lost ground after two session of gains on bearish trend in equities that saw the Sensex dip by 271 points.

Also, they said the U.S. dollar that bounced back heading towards its highest levels since last summer versus the euro dragged down other currencies.

Moving in a range of 46.02 and 46.26 at the Interbank Foreign Exchange (Forex) market, the rupee ended at 46.25/26, a fall of 0.61 per cent.

Indian benchmark Sensex lost a hefty 271 points washing out Wednesday’s gains. Besides South Korea, other Asian stocks too finished lower on Thursday. European indices also resumed lower.

The Reserve Bank of India fixed the reference rate for the dollar at Rs 46.09 and for the euro at Rs 63.96.

The rupee premium for the forward dollar ended slightly lower on stray receiving by exporters.

The benchmark six-month forward dollar premium payable in July ended a tad lower at 61-1/2-62-1/2 paise from 62-63 paise on Wednesday and far-forward maturing in January also eased to 124-125 paise from 125-127 paise previously.

However, in cross-currency trade, the domestic currency improved further against the pound and the euro while fell back against the Japanese yen.

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Printable version | Feb 20, 2020 12:58:49 AM |

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