Ru­pee slips from two-week high, dips 3 paise at 60.12

The Political and Business Daily - - MARKET MONITOR -

IN con­trast to ris­ing eq­ui­ties, the ru­pee to­day re­treated from nearly two-week high and ended three paise lower at 60.12 against the Green­back on late dol­lar de­mand from im­porters.

The do­mes­tic cur­rency also snapped its two-day up­move when it had gained 21 paise against the US cur­rency.

At the In­ter­bank For­eign Ex­change (Forex) mar­ket, the do­mes­tic unit re­sumed higher at 60.03 and im­proved fur­ther to al­most twoweek in­tra-day high of 59.98.

How­ever, fag-end dol­lar de­mand from im­porters, mainly oil re­fin­ers, to meet their month-end re­quire­ments weighed on the ru­pee and it fell back to a low of 60.13 be­fore set­tling at 60.12, a fall of three paise or 0.05 per cent.

The bench­mark S&P BSE Sen­sex to­day gained 124.52 points, or 0.48 per cent, com­plet­ing eight ses­sions of straight gains.

FIIs picked up shares worth Rs 652.40 crore yes­ter­day, as per pro­vi­sional data with stock ex­changes.

The dol­lar in­dex, a barom­e­ter of six ma­jor global ri­vals, was down 0.05 per cent.

Pramit Brahmb­hatt, CEO, Ve­rac­ity Group said: "Ru­pee con­tin­ued to trade range bound and ended just below overnight close. Lo­cal eq­ui­ties con­tin­ued its bull run and closed all time high which helped ru­pee to cap its fall. The trad­ing range for the spot ru­pee is ex­pected to be within 59.60 to 60.50."

Mean­while, for­ward dol­lar pre­mium ended sta­ble to weak. The bench­mark six-month pre­mium payable in De­cem­ber moved down to 217-219 paise from 219-221 paise pre­vi­ously while far-for­ward con­tracts ma­tur­ing in June, 2015 fin­ished sta­ble at its overnight level of 462-464 paise. The Re­serve Bank of In­dia fixed the ref­er­ence rate for dol­lar at 60.0020 and for the euro at 80.6785.

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