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Rupee up 35 paise against dollar at 63.03

The rupee on Wednesday strengthened by 9 paise to 63.29 against the US dollar in opening trade at the Interbank Foreign Exchange market on selling of the American currency by exporters.

business Updated: Dec 31, 2014 23:47 IST

Indian rupee on Wednesday appreciated by 35 paise to end at two-week high of 63.03 against the greenback tracking firm equities and sustained dollar selling by exporters, but lost ground on an annual basis for the fourth year in a row.

The rupee depreciated by 123 paise or 1.99 per cent, in calendar year 2014. It had closed at 61.80 against dollar in 2013.

The rupee had depreciated by over 11 per cent in 2013 and by more than 18 per cent in 2011. The decline was about 3 per cent in 2012. The currency had risen against dollar in 2010.

At the Interbank Foreign Exchange (Forex) market on Wednesday, the domestic unit commenced better at 63.31 a dollar from previous close of 63.38, and logged the session's low of 63.38 on initial weakness in local stocks.

Later, the rupee bounced back on rally in domestic equities and sustained dollar selling by exporters to settle at the day's high of 63.03. Previously, it had concluded at 62.94 on December 15, 2014.

Apart from rising local equities, the rupee also got support from a flattish dollar index. The dollar index was down by a mere 0.02 per cent against its major global rivals.

Meanwhile, the Indian benchmark S&P BSE Sensex on Wednesday firmed up by 95.88 points, or 0.35 per cent. Foreign Portfolio Investors (FPIs) injected $44.20 million on Tuesday.

Pramit Brahmbhatt, CEO, Veracity Group said, "Indian rupee traded strong for consecutive second day and closed half per cent up taking cues from local equities which traded positive for the day.

"We have seen some dollar selling through exporters and also the dollar index is not able to sustain above 90 levels. The trading range for the spot rupee is expected to be within 62.70 to 63.40."

First Published: Dec 31, 2014 10:06 IST