Rs rises 15p against $ to near 4-month high of 53.13
6 Feb 2013 5:44 AM IST
The rupee on Tuesday hit an over three-and-a-half-month high of 53.13, up 15 paise, on renewed dollar selling and recovery of euro against the US currency overseas. Forex dealers said sustained foreign fund flows also aided the trading sentiment in rupee's favour.
The local unit commenced lower at 53.40 against the dollar from Monday's close of 53.28 at the Interbank Foreign Exchange (Forex) market. It hovered in a range of 53.07-53.42 before settling at 53.13 on fag-end dollar selling, registering a gain of 15 paise, or 0.28 per cent, against the dollar.
'Initially, the rupee was seen depreciating taking cues from the falling euro and the recovery in the US dollar index. Euro fell below 1.3500 on Monday after the news of Spanish Prime Minister's involvement in the corruption scandal,' said Abhishek Goenka, Founder and CEO, India Forex Advisors.
Foreign institutional investors pumped in over $92 million (Rs 489.27 crore) into local equities on Tuesday, as per BSE provisional data. During the Indian Forex market hours, the euro was trading flat at 1.3513 against the US dollar, paring previous losses.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: 'The mixed response of global markets helped the rupee convert its losses of first hour of the session into gains towards the end of session.
'The euro and pound, which had lost most to US dollar in previous session, rebounded from their lows after the better than expected UK services PMI numbers were reported. Recovery in European markets today also aided the rupee.'
The dollar index, which was up by nearly 0.4 per cent in early stages on revival of euro-zone debt concerns, washed out its gains and was quoting down by 0.07 per cent.
ITC, RIL, ICICI BANK DRAG SENSEX DOWN 91 POINTS TO ONE-MONTH LOW
Extending losses for the fourth straight day, the BSE benchmark Sensex on Tuesday fell by over 91 points to end at one-month low level of 19,659.82 due to selling in ITC, RIL and ICICI Bank amid weak Asian cues.
All-round selling was seen in 12 out of 13 sectoral indices, while only healthcare index ended with gains as pharma counters saw some buying.
The Bombay Stock Exchange 30-share barometer resumed weak and remained in negative zone throughout the day, moving in a narrow range of over 85 points.
With 19 of the 30-share Sensex ending with losses, the index settled down by 91.37 points or 0.46 per cent at 19,659.82 -- the lowest closing since January 1, when it had ended at 19,580.81.
The index has tumbled by 345.18 points or 1.73 per cent in the past four sessions.
The local unit commenced lower at 53.40 against the dollar from Monday's close of 53.28 at the Interbank Foreign Exchange (Forex) market. It hovered in a range of 53.07-53.42 before settling at 53.13 on fag-end dollar selling, registering a gain of 15 paise, or 0.28 per cent, against the dollar.
'Initially, the rupee was seen depreciating taking cues from the falling euro and the recovery in the US dollar index. Euro fell below 1.3500 on Monday after the news of Spanish Prime Minister's involvement in the corruption scandal,' said Abhishek Goenka, Founder and CEO, India Forex Advisors.
Foreign institutional investors pumped in over $92 million (Rs 489.27 crore) into local equities on Tuesday, as per BSE provisional data. During the Indian Forex market hours, the euro was trading flat at 1.3513 against the US dollar, paring previous losses.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: 'The mixed response of global markets helped the rupee convert its losses of first hour of the session into gains towards the end of session.
'The euro and pound, which had lost most to US dollar in previous session, rebounded from their lows after the better than expected UK services PMI numbers were reported. Recovery in European markets today also aided the rupee.'
The dollar index, which was up by nearly 0.4 per cent in early stages on revival of euro-zone debt concerns, washed out its gains and was quoting down by 0.07 per cent.
ITC, RIL, ICICI BANK DRAG SENSEX DOWN 91 POINTS TO ONE-MONTH LOW
Extending losses for the fourth straight day, the BSE benchmark Sensex on Tuesday fell by over 91 points to end at one-month low level of 19,659.82 due to selling in ITC, RIL and ICICI Bank amid weak Asian cues.
All-round selling was seen in 12 out of 13 sectoral indices, while only healthcare index ended with gains as pharma counters saw some buying.
The Bombay Stock Exchange 30-share barometer resumed weak and remained in negative zone throughout the day, moving in a narrow range of over 85 points.
With 19 of the 30-share Sensex ending with losses, the index settled down by 91.37 points or 0.46 per cent at 19,659.82 -- the lowest closing since January 1, when it had ended at 19,580.81.
The index has tumbled by 345.18 points or 1.73 per cent in the past four sessions.
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