Rupee snaps 7-day losing streak, closes 10 paise higher
Snapping its 7-day losing streak, the rupee on Friday closed 10 paise higher at 65 against the US dollar on fresh selling of greenback by banks and exporters on hopes of resumption of foreign capital inflows into equity markets.business Updated: Aug 14, 2015 19:08 IST
Snapping its 7-day losing streak, the rupee on Friday closed 10 paise higher at 65 against the US dollar on fresh selling of greenback by banks and exporters on hopes of resumption of foreign capital inflows into equity markets.
The rupee resumed lower at 65.19 in comparison with Thursday's closing level of 65.10 and dropped further to 65.34 on initial dollar demand from banks and importers in view of a firm greenback in the overseas market amidst fall in crude oil prices.
However, it recovered from initial losses to 64.95 before concluding the day at 65, showing a gain of 10 paise, or 0.15%.
It had lost 136 paise, or 2.13%, in the previous seven days.
The local unit hovered in a range of 64.95 and 65.34 during the day.
The US Dollar Index was trading lower by 0.23% in late afternoon trade.
In global markets, the dollar edged higher on Thursday, extending its gains earlier in the session and snapping a six-session losing streak against the euro after a spate of strong economic data in the US.
Meanwhile, oil prices seem set to witness their seventh weekly fall in Asia, with US crude oil tumbling to fresh six-year lows as investors are worried that a global supply glut is set to last longer.
US benchmark West Texas Intermediate (WTI) for September delivery dropped 17 cents to $42.06 in late-morning trade after falling below $42 a barrel earlier in the session, the lowest since March 2009.
Meanwhile, the benchmark BSE Sensex rose sharply by 517.78 points, or 1.88%, to settle at 28,067.31.