Rupee ends marginally higher; up 6 paise at 60.24

Rebounding from one-month lows, the rupee on Tuesday rose six paise to end at 60.24 against the US dollar on fresh selling of the American currency by exporters and positive cues from a strong domestic share market.
By HT Correspondent | PTI, Mumbai
UPDATED ON JUL 22, 2014 05:59 PM IST

Rebounding from one-month lows, the rupee on Tuesday rose six paise to end at 60.24 against the US dollar on fresh selling of the American currency by exporters and positive cues from a strong domestic share market.

The rupee resumed higher at 60.25 per dollar as against the last closing level of 60.30 per dollar at the Interbank Foreign Exchange (Forex) Market.

It firmed up further to 60.18 per dollar before finishing at 60.24 per dollar, showing a gain of six paise or 0.10%. Intra-day, it hovered in a range of 60.18 per dollar and 60.2850 per dollar.

The rupee had lost 37 paise, or 0.62%, in the previous six sessions.

Banks and exporters preferred to reduce their dollar position in view of sustained foreign capital inflows into equity market, forex brokers said.

The Indian equity benchmark Sensex continued to rule firm for the sixth day and ended higher by 310.63 points, or 1.21%, to finish at 26,025.80.

The dollar index was up by 0.22% against its major global peers.

Pramit Brahmbhatt, Veracity Group CEO said: "Local equities continued its bull run and traded strong to close on a positive note which helped rupee to trade firm against the mighty. But the rupee appreciation was capped by RBI as it intervened the market which curbed the volatility and restricted rupee from gaining further".

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