Rupee snaps 3-day winning spree, down 6 paise to 67.11
Rupee strengthened by 15 paise to 66.90 against the dollar in Monday’s early trade at Interbank Foreign Exchange, extending its upward march for a fourth straight day on sustained selling of the US currency by exporters and banks amid higher opening in the domestic equity market.business Updated: Mar 14, 2016 18:58 IST
Losing its three-day gaining momentum, the rupee on Monday dropped six paise to end at 67.11 per dollar on fag-end demand for the American currency from banks and importers on the back of higher greenback in the overseas market.
However, persistent foreign capital inflows amidst firm domestic equity restricted the rupee’s fall, a forex dealer said.
The rupee resumed higher at Rs 66.99 against Friday’s closing level of 67.05 at the Interbank Foreign exchange (forex) market and firmed up further to a high of 66.8750 on initial selling of dollars by banks and exporters.
However, it dropped afterwards to 67.15 before ending at 67.11 due to fag-end dollar demand from banks and importers on the back of higher greenback in the overseas market, showing a loss of 6 paise or 0.09 per cent.
The rupee had gained by 30 paise or 0.45 per cent in previous three trading days.
The domestic currency hovered in a range of 66.87 and 67.15 per dollar during the day.
The dollar index was up 0.32 per cent against a basket of six currencies in the late afternoon trade.
Finally to end the day, the rupee closed losing 6 paise at 67.11 per dollar.