Rupee surges 28 paise to end at 60.65 against US dollar | business | Hindustan Times
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Rupee surges 28 paise to end at 60.65 against US dollar

business Updated: Sep 12, 2014 18:11 IST

The Indian rupee on Friday gained 28paise, notching up its best daily gain in a month, to end strong at 60.65 against the greenback on heavy dollar selling by banks and exporters amid positive cues from equity markets.

A weak dollar overseas and capital inflows also helped the rupee rally for the second straight day, forex dealers said. This helped the rupee to end with gain of 26 paise for the week, the sixth straight weekly rise.

Against its major global rivals, the dollar index was trading lower by 0.03%. This was ahead of some economic data and Fed's meeting on rates early next week.

At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced lower at 60.97 a dollar from last close of 60.93 and immediately touched a low of 61.03.

It, later rebounded on dollar selling by exporters and some banks amid better domestic stocks to a high of 60.6450.

It finally settled at 60.65, a rise of 28 paise or 0.46%.

This was its best daily gain since the 45-paise rise on August 14, 2014.

The government is scheduled to release Industrial Production (IIP) data for July and inflation based on consumer price index (CPI) for August 2014 after market hours later on Friday.

Trading range for the spot rupee is expected to be within 60.10 to 61.00, said Pramit Brahmbhatt, CEO, Veracity Group.

The BSE Sensex on Friday recouped 65.17 points, or 0.24%, ahead of the announcement of key macro-economic data later in the day today. FPIs/FIIs had picked up shares worth USD 77.48 million on Thursday, as per provisional data.

In forwards market on Friday, premium continued its downslide on consistent receipts by exporters.

The benchmark six-month premium payable in February eased to 232.5-234 paise from overnight close of 234-236 paise.

Far-forward contracts maturing in August, 2015 also dipped to 483-485.5 paise from 487-489 paise.

The Reserve Bank of India fixed the reference rate for dollar at 60.8044 and for the euro at 78.6418.

The rupee also recovered against the pound to 98.34 from 98.97 previously while improved further to 78.44 per euro from 78.72. It also remained firm to end at 56.60 per 100 Japanese yen from 56.87.