HindustanTimes Fri,24 Oct 2014

Rupee logs best gain in a month, recovers 27 paise vs dollar

PTI  Mumbai, August 07, 2014
First Published: 10:10 IST(7/8/2014) | Last Updated: 18:15 IST(7/8/2014)

Rebounding from five-month lows, the rupee on Thursday bounced back by 27 paise – its best gain since July – to end at 61.22 against the greenback following suspected RBI intervention and dollar selling by exporters.

At the Interbank Foreign Exchange (forex) market, the local unit resumed strong at 61.37 a dollar from previous close of 61.49.

It later moved in a wide range of 61.21 and 61.55 before finishing at 61.22, showing a rise of 27 paise or 0.44%. This is its best single session gain since 38 paise rise on July 2.

On Wednesday, the rupee had slumped by 65 paise, or 1.07%, to end at five-month low as dollar demand weighed.

Pramit Brahmbhatt, CEO, Veracity Group said: "Rupee ended strong today and posted its third daily gain in four days.

Rupee was mainly supported by the RBI intervention through state run banks which tried to heal the wounded rupee." The trading range for the spot USD/INR pair is expected to be within 60.80 to 61.80, he added.

Meanwhile, the equity benchmark S&P BSE Sensex on Thursday closed further down by 76.26 points, or 0.30% in a volatile session. FIIs picked up shares worth Rs. 283.87 crore on Wednesday, as per provisional data.

The dollar index was marginally up against its major global rivals ahead of the outcome of a European Central Bank meeting and weekly jobless claims data.

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