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Rupee Halts 3-day Slide v/s Dollar; up 7 paise at 64.52

The rupee remained under pressure against the US dollar for the third-straight day on Friday, depreciating 7 paise to end at a fresh 3-week low of 64.59 on steady demand of the US currency amid a global oil rout.


Updated:June 23, 2017, 9:15 PM IST
Rupee Halts 3-day Slide v/s Dollar; up 7 paise at 64.52
Representative photo (Reuters)
Mumbai: The rupee rebounded from a 3-week low against the American currency and ended higher by 7 paise at 64.52 following fresh bouts of dollar selling amid weak undertone overseas.

Robust capital inflows into the equities and debt predominantly supported the domestic currency even as forex market continues to price in a rate rise by the Federal Reserve as a near-term risk.

Though, forex trading sentiment was by and large tepid and becalmed for yet another day, hampered by lack of key triggers even as traders refrained from taking any fresh positions ahead of a long weekend.

Crude oil prices steadied- after hitting ten-month lows in the middle of this week.

Domestic equities retreated sharply as cautious investors booked profits in key heavyweights ahead of the extended weekend amid increased global economic uncertainty in the face of stunning fall in crude prices.

Foreign funds turned net buyers after recent spell of offloading and bought Indian equities worth Rs 192.68 crore on Thursday, as per the provisional figures.

At the Interbank Foreign Exchange (forex) market, the local unit resumed higher at 64.56 from overnight closing value of 64.59 supported by fresh selling of the American currency by banks and exporters.

It was later trapped in a narrow range of 64.42 and 64.5925 before concluding at 64.52, showing a gain of 7 paise, or 0.11 per cent.

The Indian unit has lost 16 paise in last three days. Forex market will be closed on Monday for Eid holiday.

The RBI, meanwhile, fixed the reference rate for the dollar at 64.5365 and for the euro at 72.0808.

On the global front, the greenback traded lower against other major currencies on Friday as traders were looking to US inflation data due next week to provide clues on the Federal Reserve's likely interest rate policy.

The dollar index, which tracks the US currency against a basket of six major rivals, was down at 97.09.
Euro climbs higher as euro zone manufacturing activity hit a 6-year high.

In cross-currency trades, the rupee drifted back against the pound sterling to settle at 82.10 from 81.87 per pound, but regained against the Euro to finish at 72.02 from 72.15 earlier.

The home currency, however held steady against the Japanese Yen at 58.00 per 100 yens.
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