The Indian rupee Friday rose for the fifth straight session against the Greenback and ended at 62.46 with a gain of six paise on sustained selling of dollars, wrapping up its best week in about two months.
The Indian rupee Friday rose for the fifth straight session against the Greenback and ended at 62.46 with a gain of six paise on sustained selling of dollars, wrapping up its best week in about two months.
Besides the US Federal Reserve's signal that it will raise rates at a slower pace than previously forecast, foreign capital inflows into equity market also boosted the rupee value against dollar, a forex dealer said.
The rupee on Friday resumed slightly higher at 62.51 per dollar as against the last closing level of 62.52 at the Interbank Foreign Exchange (Forex) Market. It firmed up further to 62.43 before concluding at 62.46 per dollar, showing a gain of 6 paise or 0.10% from its last close. The rupee has gained by 51 paise or 0.81% in the five days.
The domestic currency hovered in a range of 62.43 per dollar and 62.60 per dollar during the day. The dollar index, a gauge of six major global rivals, was down by 0.31% on Friday.
The dollar was steady against the yen and the euro in Asia on Friday, with the revival of expectations for an early US rate increase giving support to the greenback.
Pramit Brahmbhatt, Veracity Group, CEO said, "Rupee appreciated on corporate inflows and exporters too were seen selling the dollars at higher levels." "Technically, the pair remains above a very important support of 62.40 and importers could continue to cover their positions at the support levels," said Suresh Nair, Director, Admisi Forex India.
Meanwhile, the Indian stock benchmark Sensex ended lower by 208.59 points or 0.73% at over one-month low of 28,261.08.
The forward premia ended mixed due to uneven demand and supply fom forex dealers. The benchmark six-month premium payable in August moved down to 215-217 paise from Thursday's closing level of 216-218 paise while forward contracts maturing in February 2016 ended higher at 441-443 paise from 438-440 paise.
The Reserve Bank of India fixed the reference rate for dollar at 62.4923 for Euro at 66.8043. The rupee recovered against the pound to 92.12 as against 93.14 on Thursday and ended higher against the euro to 66.79 per euro as against 66.87 per euro on Thursday.
The domestic currency gained against the yen to 51.59 per 100 Japanese yen from 51.81 previously.
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