Rupee gains 12 paise against dollar at 61.50
Snapping the three-day losing streak, the rupee on Monday gained 12 paise at 61.50 against the dollar on fresh selling of the US currency by banks and exporters on the back of strong capital inflows.business Updated: Nov 10, 2014 18:16 IST
Snapping the three-day losing streak, the rupee on Monday gained 12 paise at 61.50 against the dollar on fresh selling of the US currency by banks and exporters on the back of strong capital inflows.
A weak dollar in the overseas market also boosted the rupee value against the greenback, a forex dealer said.
The rupee resumed higher at 61.45 per dollar as against the last weekend's level of 61.62 at the Interbank Foreign Exchange (Forex) Market.
It moved in a range of 61.43-61.51 a dollar before finishing at 61.50 per dollar, showing a gain of 12 paise or 0.19%.
The local currency had lost by 26 paise or 0.42% in three trading sessions prior to Monday's close.
Pramit Brahmbhatt, Veracity Group CEO, said, "Rupee continues to trade in a small range although today it has appreciated over 12 paise to close at 61.50. Slightly disappointing US job data has forced dollar index to trade weak for the second consecutive day at $87.28 which has helped rupee to trade firm and nullify the effect of profit-booking in local equities".
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 2,537.13 crore, according to provisional data from the stock exchanges.
The Indian benchmark Sensex ended marginally higher by 6.10 points or 0.02% to 27,874.73 after touching an all-time high of 28,027.96 in the trade.
In the forwards market, The benchmark six-month premium payable in April closed at 216-218 as against the previous close of 212.5-214.5 paise.
Far-forward contracts maturing in October, 2015 ended at 429-431 paise compared to the previous 422-424 paise.
The Reserve Bank of India fixed the reference rate for the dollar at 61.45 and for the euro at 76.67.
The rupee ended at 97.77 against the pound and 76.82 against euro.