Rupee snaps three-day rising streak, falls 5 paise against dollar
The rupee fell by 5 paise on Tuesday to end at 67.18 on fresh dollar demand from banks and importers in spite of sustained rally in domestic capital market.business Updated: Jul 12, 2016 18:31 IST
After three days of rise, the rupee fell by 5 paise on Tuesday to end at 67.18 on fresh dollar demand from banks and importers in spite of sustained rally in domestic capital market.
Firm equity market failed to restrict the rupee’s fall against the dollar, a forex dealer said.
The rupee opened lower at 67.650 as against the last closing level of 67.13 at the Interbank Foreign Exchange (Forex) market and dropped further to 67.1975 before closing at 67.18 per dollar, showing a loss of 5 paise or 0.07%.
The rupee had gained by 32 paise or 0.47 % in the previous three trading days.
The domestic unit hovered in a range of 67.1975 and 67.10 during the day.
The dollar index was trading lower by 0.33 % against a basket of six currencies in the late trade.
Meanwhile, the RBI fixed the reference rate for the dollar at 67.1471 and euro at 74.4460.
In cross-currency trades, the rupee moved down against the pound sterling to end at 88.27 from 87.19 on Monday and also fell against the euro to 74.46 from 74.20.
The domestic currency firmed up further against the Japanese yen to 64.73 per 100 yens from 65.57.
In overseas markets, the yen weakened against rival currencies in the late afternoon trade, including the dollar today after former Federal Reserve head Ben Bernanke told Japanese Prime Minister Shinzo Abe that Japan has options to further ease monetary policy.
Still, the dollar was broadly lower when other trading was factored in.