Ru­pee logs 1st gain in 3 days, ends at 64 a dol­lar

Financial Chronicle - - COMPANIES -

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.

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