Rupee gains 16 paise

Closes at over one-week high of 61.79 against the U.S. dollar

December 24, 2013 07:43 pm | Updated 10:02 pm IST - MUMBAI:

Rising for the third session in a row, the rupee advanced by 16 paise to close at an over one-week high of 61.79 against the dollar on Tuesday after exporters sold the American currency ahead of durable goods order data.

Negative closing in Indian stocks and a firm dollar overseas, however, restricted the rupee’s rise.

The rupee opened higher at 61.84 a dollar from Monday’s close of 61.95 at the interbank foreign exchange market.

However, it fell back in the afternoon trade to a low of 61.97 tracking a drop in stocks and a strong dollar abroad.

Later, it bounced back on dollar selling by exporters and some banks to a high of 61.78, before settling at 61.79, a net rise of 16 paise or 0.23 per cent. This is its best closing since 61.73 on December 16.

In three trading days, the rupee had shot up by 35 paise or 0.56 per cent against the U.S. dollar.

The Reserve Bank fixed the reference rate for the dollar at 61.8668 and for the euro at 84.6510

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.