Rupee in green for 5th straight day as dollar loses strength
The rupee depreciated by five paise at 62.57 against the US dollar in early trade on Friday on fresh demand for the American currency from importers.business Updated: Mar 20, 2015 18:51 IST
The Indian rupee, on Friday, rose for the fifth straight session against the Greenback and ended at 62.46 with a gain of six paise on sustained selling of dollars, wrapping up its best week in about two months.
Besides the US Federal Reserve's signal that it will raise rates at a slower pace than previously forecast, foreign capital inflows into equity market also boosted the rupee value against dollar, a forex dealer said.
The rupee Friday resumed slightly higher at 62.51 per dollar as against the last closing level of 62.52 at the Interbank Foreign Exchange (Forex) Market.
It firmed up further to 62.43 before concluding at 62.46 per dollar, showing a gain of 6 paise or 0.10% from its last close.
The rupee has gained by 51 paise or 0.81% in the five days.
The domestic currency hovered in a range of 62.43 per dollar and 62.60 per dollar during the day.
The dollar index, a gauge of six major global rivals, was down by 0.31% Friday.
The dollar was steady against the yen and the euro in Asia Friday, with the revival of expectations for an early U.S. rate increase giving support to the greenback.
Pramit Brahmbhatt, Veracity Group, CEO said: "Rupee appreciated on corporate inflows and exporters too were seen selling the dollars at higher levels."
Technically, the pair remains above a very important support of 62.40 and importers could continue to cover their positions at the support levels, said Suresh Nair, Director, Admisi Forex India.
Meanwhile, the Indian stock benchmark Sensex ended lower by 208.59 points or 0.73% at over one-month low of 28,261.08.
First Published: Mar 20, 2015 10:26 IST