Rising
for the second consecutive day, the rupee closed 3 paise higher at
66.19 against the US dollar today on fag-end selling of the greenback
by banks and exporters.The
local currency opened lower at 66.32 as against yesterday's closing
level of 66.22 at the Interbank Foreign Exchange (Forex) market and
eased further to 66.33 on initial demand for the American currency
from banks and importers on the back of higher dollar in the overseas
market.However,
it washed out initial losses and recovered to 66.11 on selling of
dollars by exporters before finishing at 66.19, showing a gain of
three paise or 0.05 per cent.
The
rupee has gained 29 paise, or 0.44 per cent, in the two days.
In
the global market, the US dollar index, which tracks the greenback
against a basket of six major rivals, was up by 0.33 per cent.
However,
the US dollar slumped against its major rivals in late trade yesterday, after a weak reading on Chinese manufacturing activity
reignited investors' fears about a sharp slowdown in the world's
second-largest economy.
Meanwhile,
the benchmark BSE Sensex dropped 242.88 points, or 0.95 per cent, to
settle at 25,453.56 today.
Veracity
Group CEO Pramit Brahmbhatt said, "Compared to past few days,
not much movement was seen in the USD/INR pair today.
"The
rupee traded range-bound as investors preferred to be cautious in an
uncertain market. Local equities closed on a weak note, taking cues
from global markets which dented the rupee movement."
The
trading range for the Spot USD/INR pair is expected to be within
65.70 to 66.70.
In
forward market, the premium for dollar inched up on mild paying
pressure from corporates.
The
benchmark six-month premium payable in February inched up to
213.75-214.25 paise from 212.5-214.5 paise previously and far-forward
August 2016 contracts moved up to 433-434 paise from 429.5-431.5
paise previously.
The
RBI fixed the reference rate for the dollar at 66.1638 and for the
euro at 74.6063.
The
rupee moved up further against the pound sterling to close at 101.08
from 101.66 yesterday and recovered against the euro to 74.52 from
74.58 previously.
It
also recovered against the Japanese currency to finish at 55.12 per
100 yen from 55.18 yesterday.
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