Rupee logs 1st gain in 3 days, ends at 64 a dollar
The rupee on Wednesday snap ped its two- session losing streak against the US dollar by recovering four paise to close at 64 on fresh selling of the American currency by exporters amid heavy foreign capital outflows.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,230.74 crore on Tuesday, as per provisional data released by stock exchanges.
The domestic currency resumed higher at 63.98 per dollar against the Tuesday 's closing level of 64.04 at the forex market and hovered in a range of 63.9625 and 64.0250 before finishing at 64, a gain of 4 paise or 0.06 per cent. The rupee had dropped by 26 paise, or 0.41 per cent, in previous two days.
Meanwhile, retail inflation rose to a fivemonth high of 3.36 per cent in August due to costlier food items. Industrial production grew by a meagre 1.2 per cent in July from 4.5 per cent a year ago, bearing the brunt of a dismal show of the manufacturing sector putting pressure on the RBI to lower rates.
In Overseas market, the dollar steadied on Tuesday, with investors expecting another quiet day for the currency ahead of key inflation data due on Thursday that will be closely watched by the US Fed as it considers when to raise interest rates.