The rupee registered its an all-time closing low of 61.43 against the USD, down by 24 paise, on fresh dollar demand from importers despite firm local equities and sustained capital inflows.
The dollar index, which was trading strong in early deals in overseas market against a basket of six major currencies, fell back and quoting nearly stable -up by a mere 0.01 per cent- after rebound in euro following better-than-expected Germany's GDP data.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced sharply lower at 61.54 a dollar from previous close of 61.19 and touched a low of 61.56 on initial weakness in stocks amid sustained dollar selling by exporters.
Later, it tried to recover on smart rebound in local equities to a high of 61.29 only to fell back to new closing low of 61.43 -surpassing previous closing low of 61.30 of 7 August, 2013- exhibiting a fall of 24 paise or 0.39 pct. It had also recorded its an all-time intra-day low of 61.80 on 6 August, 2013. Pramit Brahmbhaat, CEO, Alpari Financial Services, (India) said,'The dollar index, which measures the US currency's value against a basket of six major currencies traded strong on Wednesday which depreciated Rupee. Indian equity market closed up by almost 0.75 pct which helped Rupee to recover. The trading range for the Spot USD/INR pair is expected to be within 60.95 to 61.95.'
The dollar index, which was trading strong in early deals in overseas market against a basket of six major currencies, fell back and quoting nearly stable -up by a mere 0.01 per cent- after rebound in euro following better-than-expected Germany's GDP data.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced sharply lower at 61.54 a dollar from previous close of 61.19 and touched a low of 61.56 on initial weakness in stocks amid sustained dollar selling by exporters.
Later, it tried to recover on smart rebound in local equities to a high of 61.29 only to fell back to new closing low of 61.43 -surpassing previous closing low of 61.30 of 7 August, 2013- exhibiting a fall of 24 paise or 0.39 pct. It had also recorded its an all-time intra-day low of 61.80 on 6 August, 2013. Pramit Brahmbhaat, CEO, Alpari Financial Services, (India) said,'The dollar index, which measures the US currency's value against a basket of six major currencies traded strong on Wednesday which depreciated Rupee. Indian equity market closed up by almost 0.75 pct which helped Rupee to recover. The trading range for the Spot USD/INR pair is expected to be within 60.95 to 61.95.'