Rupee drops by 28 paise to 61.22 against $
13 March 2014 12:16 AM GMT
Renewed capital inflows, stable equities and weak dollar overseas failed to stem the rupee fall, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the local unit commenced weak at 61.10 a dollar from previous close of 60.94. It fell to a low of 61.26 before ending at 61.22, a loss of 28 paise. This is rupee's second straight day of losses. On Tuesday, it ended the trade nine paise lower.
Meanwhile, the BSE benchmark Sensex on Wednesday closed higher by a mere 30 points. FIIs infused $250.30 million on Tuesday, as per Sebi data. The dollar index, a gauge of six major global rivals, was down by 0.04 per cent.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India), said: ‘The rupee is expected to trade strong and appreciate in the coming days over the improved sentiment ahead of elections.’
Meanwhile, forward dollar premium improved further on sustained paying pressure from banks and corporates. The benchmark six-month premium payable in August edged up to 249-251 paise from 248-250 paise on Tuesday. Far forward contracts maturing in February 2015 also firmed up to 489-491 paise from 484.5-486.5 paise. The RBI fixed the reference rate for dollar at 61.09 and for the euro at 84.6545.
At the Interbank Foreign Exchange (Forex) market, the local unit commenced weak at 61.10 a dollar from previous close of 60.94. It fell to a low of 61.26 before ending at 61.22, a loss of 28 paise. This is rupee's second straight day of losses. On Tuesday, it ended the trade nine paise lower.
Meanwhile, the BSE benchmark Sensex on Wednesday closed higher by a mere 30 points. FIIs infused $250.30 million on Tuesday, as per Sebi data. The dollar index, a gauge of six major global rivals, was down by 0.04 per cent.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India), said: ‘The rupee is expected to trade strong and appreciate in the coming days over the improved sentiment ahead of elections.’
Meanwhile, forward dollar premium improved further on sustained paying pressure from banks and corporates. The benchmark six-month premium payable in August edged up to 249-251 paise from 248-250 paise on Tuesday. Far forward contracts maturing in February 2015 also firmed up to 489-491 paise from 484.5-486.5 paise. The RBI fixed the reference rate for dollar at 61.09 and for the euro at 84.6545.
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