Rupee ends barely steady at 67.95 level
The Indian rupee opened lower 68.00 per dollar against last Friday's closing level of 67.96 per dollar at the Inter- bank Foreign Exchange (Forex) and dropped further to 68.08 per dollar on initial dollar demand from banks and importers on the back of higher dollar in the overseas market.
- Jun 27, 2016,
- Updated Jun 27, 2016 7:54 PM IST
In line with equity market, the rupee ended barely steady against the American currency at 67.95 per dollar due to uneven and demand and supply for green currency as impact of Brexit still continued.
The Indian rupee opened lower 68.00 per dollar against last Friday's closing level of 67.96 per dollar at the Inter- bank Foreign Exchange (Forex) and dropped further to 68.08 per dollar on initial dollar demand from banks and importers on the back of higher dollar in the overseas market.
However, it recovered afterwards to 67.81 per dollar on selling of dollars by banks and exporters before finishing at 67.95 per dollar.
The domestic unit hovered in a range of 68.08 and 67.81 during the day.
The dollar index was trading up 0.40 per cent against a basket of six currencies in the late afternoon trade.
The RBI fixed the reference rate for the dollar at 67.9000 and euro at 74.8801.
In cross-currency trades, the rupee rose further against the pound sterling to finish at 89.76 from 93.13 on last Friday and also moved up against the euro to settle at 74.78 from 74.80.
While, the domestic currency dropped further against the Japanese yen to 66.81 per 100 yens from 66.26.
At overseas, the US dollar traded mostly up against its major rivals in the Asian trade, while the pound remained under siege, sliding back toward a 31-year low, reflecting the deeply bearish mood of investors after Britain opted to exit the European Union, triggering shockwaves across global markets.
Mr Pramit Brahmbhatt of Veracity Financial Services said,"Rupee opened with a loss of four paisa at 68 compared to previous close of 67.96/USD. Taking cues from stronger dollar compared to other major currencies and BREXIT outcome, it continued to trade with negative bias. However, at end the day, rupee closed with negligible gain of one paisa at 67.95/USD.
Trading range for the spot USD/INR pair will be 68.20 to 67.80/USD.
In forward market, premium for dollars moved down further due to persistent receivings from exporters.
The benchmark six-month premium for November fell to to 174-176 paise from the last weekend's level of 178-180 paise and far forward May 2017 contract also eased to 367-369 paise from 371-373.
Meanwhile, the Indian benchmark sensex inched up by 5.25 points or 0.02 per cent to 26,402.96.
Oil prices suffered fresh losses in Asian trade on Monday as the fallout from last week's decision by Britain to leave the European Union batters confidence and ushers in a period of uncertainty.
The US benchmark West Texas Intermediate fell 26 cents, or 0.55 percent, to $47.38 and Brent shed 15 cents, or 0.15 percent, to $48.26.
In line with equity market, the rupee ended barely steady against the American currency at 67.95 per dollar due to uneven and demand and supply for green currency as impact of Brexit still continued.
The Indian rupee opened lower 68.00 per dollar against last Friday's closing level of 67.96 per dollar at the Inter- bank Foreign Exchange (Forex) and dropped further to 68.08 per dollar on initial dollar demand from banks and importers on the back of higher dollar in the overseas market.
However, it recovered afterwards to 67.81 per dollar on selling of dollars by banks and exporters before finishing at 67.95 per dollar.
The domestic unit hovered in a range of 68.08 and 67.81 during the day.
The dollar index was trading up 0.40 per cent against a basket of six currencies in the late afternoon trade.
The RBI fixed the reference rate for the dollar at 67.9000 and euro at 74.8801.
In cross-currency trades, the rupee rose further against the pound sterling to finish at 89.76 from 93.13 on last Friday and also moved up against the euro to settle at 74.78 from 74.80.
While, the domestic currency dropped further against the Japanese yen to 66.81 per 100 yens from 66.26.
At overseas, the US dollar traded mostly up against its major rivals in the Asian trade, while the pound remained under siege, sliding back toward a 31-year low, reflecting the deeply bearish mood of investors after Britain opted to exit the European Union, triggering shockwaves across global markets.
Mr Pramit Brahmbhatt of Veracity Financial Services said,"Rupee opened with a loss of four paisa at 68 compared to previous close of 67.96/USD. Taking cues from stronger dollar compared to other major currencies and BREXIT outcome, it continued to trade with negative bias. However, at end the day, rupee closed with negligible gain of one paisa at 67.95/USD.
Trading range for the spot USD/INR pair will be 68.20 to 67.80/USD.
In forward market, premium for dollars moved down further due to persistent receivings from exporters.
The benchmark six-month premium for November fell to to 174-176 paise from the last weekend's level of 178-180 paise and far forward May 2017 contract also eased to 367-369 paise from 371-373.
Meanwhile, the Indian benchmark sensex inched up by 5.25 points or 0.02 per cent to 26,402.96.
Oil prices suffered fresh losses in Asian trade on Monday as the fallout from last week's decision by Britain to leave the European Union batters confidence and ushers in a period of uncertainty.
The US benchmark West Texas Intermediate fell 26 cents, or 0.55 percent, to $47.38 and Brent shed 15 cents, or 0.15 percent, to $48.26.