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Rupee firms up 12 paise to 4-week high of 66.65

Weakness in dollar in the overseas market also boosted the rupee value, a forex dealer said.

business Updated: Jun 08, 2016 20:01 IST
Rupee,Dollar,Rupee vs Dollar
An employee counts Indian rupee currency notes in New Delhi in this July 5, 2013 file photo. A group of government-appointed advisors has recommended sweeping changes to India's outdated and overburdened bankruptcy system, aiming to modernise a process that takes several years and costs investors and taxpayers billions. To match Exclusive INDIA-BANKRUPTCY/ REUTERS/Adnan Abidi/Files(REUTERS)

Continuing its gains against the US dollar for the fifth trading session, the rupee on Wednesday firmed up by another 12 paise to close at a 4-week high of 66.65 on sustained selling of the American currency by banks and exporters amid persistent foreign capital inflows.

Weakness in dollar in the overseas market also boosted the rupee value, a forex dealer said.

The rupee opened slightly lower at Rs 66.78 against Tuesday’s closing level of Rs 66.77 per dollar at the Interbank Foreign Exchange (Forex) market on Wednesday.

However, it recovered afterwards to 66.62 per dollar before closing at 4-week high of 66.65, showing a gain of 12 paise or 0.18%. The rupee had last ended at 66.62% dollar on May 12, 2016.

It has gained 80 paise or 1.19% in the last five trading days.

The domestic currency hovered in a range of 66.62 and 66.82 per dollar during the day.

Meanwhile, the dollar index was down by 0.23% against the basket of six global currencies in the late afternoon trade.

Meanwhile, the RBI fixed the reference rate for the dollar at 66.7370 and euro at 75.8199.

In cross-currency trades, the rupee recovered against the pound sterling to end at 97.04 from 97.40 on Tuesday and fell against the euro to 75.83 per euro from 75.78.

The domestic currency also moved down against the yen to 62.25 per 100 yens from 61.97 on Tuesday.

First Published: Jun 08, 2016 10:19 IST