Rupee falls by 10 paise to Rs 63.51 against dollar
The rupee on Thursday fell by 10 paise to 63.51 against the US dollar on persistent demand from banks and importers in line with higher greenback overseas. The weakening trend continued for the second straight session.business Updated: Jul 16, 2015 19:07 IST
The rupee on Thursday fell by 10 paise to 63.51 against the US dollar on persistent demand from banks and importers in line with higher greenback overseas. The weakening trend continued for the second straight session.
Sustained foreign capital inflows into equity market in view of second consecutive gain in sensex restricted the rupee's fall against the dollar, a forex dealer said.
In a bid to streamline the FDI structure, the government today introduced a composite foreign investment cap by clubbing all forms of overseas investments to define sectoral limits.
Oil prices rose in Asia on Thursday on easing concerns about the impact of the expected flood of Iranian supplies on the global market following the country's historic nuclear deal.
US benchmark West Texas Intermediate for August delivery rose 26 cents to $53.29 and Brent crude for August climbed 10 cents to $58.61 a barrel in late morning trade.
The rupee resumed lower at 63.50 per dollar as against Wednesday's closing level of of 63.41 at the Interbank Foreign Exchange market and declined further to 63.54 before finishing at 63.51, showing a loss of 10 paise or 0.16%.
It has lost 12 paise or 0.19% in two days.
The domestic unit hovered in a range of 63.54 and 63.47 per dollar during the day. The dollar index was trading higher by 0.43% against its major global rivals on Thursday. The dollar was also trading higher against its major rivals after Greece's Parliament approved the austerity plan demanded by its lenders.
Meanwhile, the benchmark Sensex ended higher by 247.83 points or 0.88%.
The RBI fixed the reference rate for the dollar at 63.4955 and for the euro at 69.3942.
The rupee recovered against the pound sterling to end at 99.05 from 99.10 previously and firmed up further against the euro to 69.17 from 69.86. It also moved up against the Japanese currency to end at 51.21 per 100 yen as compared to 51.32.