Rupee up by 13 paise against dollar, closes at 63.39 | business | Hindustan Times
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Rupee up by 13 paise against dollar, closes at 63.39

The rupee fell marginally by 5 paise to 63.57 against the US dollar in early trade on Tuesday on increased demand for the American currency from importers.

business Updated: Jul 14, 2015 21:47 IST

The Rupee was up 13 paise against US dollar and closed at 63.39 on Tuesday on account of fag end selling of dollars by banks and exporters.

The rupee resumed lower at 63.57 against dollar compared to Monday's closing level of 63.52 at the Interbank Foreign Exchange market. It declined further to 63.58 on initial dollar demand from banks and importers on the back of higher greenback overseas in view of fall in crude oil prices.

However, it recovered afterwards to close at 63.39 per dollar on fag-end selling of the US currency by banks and exporters, showing a gain of 13 paise of 0.20 %. It hovered in a range of 63.39 and 63.58 per dollar during the day. The dollar index was trading lower by 0.15 % against its major global rivals today.

Globally, the dollar firmed up against its major rivals in early trade after Greece finally agreed to a debt deal with its creditors, allowing market focus to shift back towards US and European yield differentials. Oil prices tumbled further in Asia today after the historic nuke deal between Iran and Western powers that would allow Iranian crude to flow back into the already saturated global market.

A strong US currency has also made the dollar-priced commodity more expensive, denting demand, analysts said. US benchmark West Texas Intermediate for August delivery fell 75 cents to $51.45 and Brent crude for August eased 60 cents to $57.25 in afternoon Asian trade. Meanwhile, the Indian benchmark Sensex declined by 28.29 points or 0.10 % to 27,932.90.