Rupee ekes out marginal rise against dollar
The rupee on Thursday depreciated by 9 paise to 59.36 against the dollar in early trade on the Interbank Foreign Exchange market. Dealers said the US dollar strengthened against the rupee in line with its gains against other Asian currencies.business Updated: Jun 12, 2014 18:25 IST
Continuing its range-bound movement for the fourth session, the rupee on Thursday closed up by two paise at 59.25 ahead of industrial output and retail inflation data.
A smart recovery in local stocks amid stray dollar selling by exporters helped the rupee close in the positive terrain, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed lower at 59.33 a dollar from last close of 59.27 and eased further to a low of 59.3650.
It later rebounded to a high of 59.23 before settling at 59.25, showing a rise of mere two paise or 0.03%.
"Continuing its range bound movement for the fourth straight session, rupee closed at 59.25 levels. Dollar was seen gaining momentum against Asian currencies including rupee but gains in the domestic stock markets capped rupee losses," said Abhishek Goenka, Founder & CEO, India Forex Advisors.
The rupee has gained two paise each in two successive days. It lost nine paise on June 10 and three paise on June 9.
The equity benchmark S&P BSE Sensex on Thursday bounced back by 102.32 points, or 0.40%. FIIs sold shares worth Rs 313.40 crore on Wednesday, as per provisional data with bourses.
The dollar index, a gauge of six major global rivals, was up by 0.02% in evening trade.
Pramit Brahmbhatt, Veracity Group CEO said, "Rupee continued to trade range bound. Local indices closed positively on hopes that economic data due later in the day may show easing retail inflation compared to last release and are also expecting the growth in the industrial sector. The trading range for the Spot $/Rs pair is expected to be within 59.00 to 59.80."