Rupee weakens 3 paise vs dollar to end at 61.87, snaps 2-day rise
In dull trade, Indian rupee on Thursday snapped its two-day rise and fell back by three paise to end at 61.87 against the Greenback on month-end dollar demand from importers.business Updated: Nov 27, 2014 18:30 IST
In dull trade, Indian rupee on Thursday snapped its two-day rise and fell back by three paise to end at 61.87 against the Greenback on month-end dollar demand from importers.
The rupee had fallen to 61.92 levels intra-day but positive cues from local equities and sustained capital inflows helped it to cut losses, forex dealers said.
There was caution in the foreign exchange market ahead of quarterly GDP data release on Saturday and the RBI's monetary policy review next week, they added.
At the Interbank Forex market, the domestic currency resumed better at 61.81 a dollar from last close of 61.84.
Later, it was trapped in a narrow range of 61.80 and 61.9225 before concluding at 61.87, a fall of three paise or 0.05%.
In the previous two days, it had risen by ten paise or 0.16% while trading in a tight range.
The Indian benchmark S&P BSE Sensex on Thursday rose by 52.72 points, or 0.19%. FPIs/FIIs bought shares worth $35.65 million on Wednesday, as per Sebi data.
The dollar index was up by 0.20% against its major six global rivals.
Pramit Brahmbhatt, CEO, Veracity Group said: "Not much movement was seen in the USD/INR pair. The pair is likely to trade range bound as investors are trading cautiously and are waiting for the credit policy due next month, which will help them to gauge the markets."
The trading range for the spot USD/INR pair is expected to be within 61.50 to 62.40, he added.