Rupee logs fifth straight weekly rise against US dollar
The rupee on Friday fell back by three paise to end at 60.39 against the US dollar but managed to log its fifth straight weekly rise on account of recent gains.business Updated: Sep 05, 2014 18:14 IST
The rupee on Friday fell back by three paise to end at 60.39 against the US dollar but managed to log its fifth straight weekly rise on account of recent gains.
The rupee commenced lower at 60.44 a dollar from previous close of 60.36 at the Interbank Foreign Exchange (Forex) market. It was then trapped in a limited range of 60.3775 and 60.5175 before finishing at 60.39 -- a small loss of three paise or 0.05%.
In previous two days, it had risen by 32 paise or 0.53%. These gains helped the domestic currency register its fifth straight weekly gains as it appreciated by 11 paise.
In the preceding four weeks, it had gained 3 paise, 29 paise, 39 paise and 3 paise against the Greenback.
Meanwhile, the Indian benchmark S&P BSE Sensex on Friday declined by another 59.23 points, or 0.22%.
FPIs/FIIs injected $286.54 million on Thursday, as per provisional data after picking up shares worth a net $216.91 million on Wednesday.
The dollar index was down 0.10 per cent against its major global rivals ahead of announcement of US non-farm payrolls for August.
Meanwhile, the European Central Bank (ECB) on Thursday surprisingly cut its key policy rates to record low and announced additional measures to fuel the flagging economy.
According to forex dealers, it will help Asian currencies as liquidity will flow into Asia, including India.