Rupee ends near one-month high against dollar, up 2 paise at 62.14 | business | Hindustan Times
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Rupee ends near one-month high against dollar, up 2 paise at 62.14

business Updated: Jan 13, 2015 19:03 IST

The Indian rupee continued its upward march for the fifth trading day against the American currency, gaining two paise to end at one-month high levels of 62.14 on Tuesday.

The rupee resumed higher at 62.10 per dollar as against Monday's closing level of 62.16 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to 62.0225 per dollar on selling of dollars by banks.

However, it trimmed its gains to finish at 62.14 per dollar on fag-end dollar demand from banks on the back of higher dollar in the overseas market -- showing a gain of two paise or 0.03%.

The domstic currency last traded at 62.02 on December 10, 2014.

The rupee has gained by 143 paise, or 2.25%, in five trading sessions.

In the global market, the euro fell towards a nine-year low versus the dollar as reports said officials fueled speculation the European Central Bank will begin buying government bonds as early as next week to stave off deflation.

The dollar index was up by 0.14% against a basket of six major global rivals on hopes of rise in interest rates.

Meanhile, the Indian benchmark Sensex ended lower by 159.54 points, or 0.58%, at 27,425.73.

Veracity Group, CEO, Pramit Brahmbhatt said: "The rupee continued to trade in a thin range. It moved within 18 paise for the day and ended near yesterday's closing. Also, RBI was likely buying dollars via state-run banks starting at around 62.02 levels to prevent the further appreciation."

The trading range for the spot USD/INR pair is expected to be within 61.75 to 62.75, he added.

Meanwhile, premia eased further on sustained receipts by exporters. The benchmark six-month premium payable in June moved down to 213.5-214.5 paise from 215-217 paise previously.

Premium on forward contracts maturing in December also declined to 417.5-418.5 paise from 421-423 paise.

The Reserve Bank of India fixed the reference rate for dollar at 62.1021 and for Euro at 73.4171.

The rupee declined marginally against the pound to 94.10 from 94.08 previously and also remained weak to end at 52.43 per 100 Japanese yen from 52.13.

However, it recovered to 73.31 per euro from 73.37.