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Rupee up 18 paise vs USD, ends at 54.57

The Indian rupee gained 15 paise to 54.60 against the US dollar in early trade at the Interbank Foreign Exchange market on the back of increased capital inflows.

BT Online Bureau | January 10, 2013 | Updated 23:55 IST

Notching up gains for the third straight day, the Indian rupee on Thursday gained 18 paise to end at nearly one-week high of 54.57 against the US currency on continued dollar selling by exporters and some banks, amid weak cues from the overseas foreign exchange market.

Sustained capital inflows also aided the rupee sentiment even as domestic stocks closed stable, said forex dealers.

At the Interbank Foreign Exchange (Forex) market, the rupee resumed stable at its overnight closing level of 54.75 and immediately touched a low of 54.78.

However, it later turned positive and rallied to a high of 54.56 before concluding at 54.57 - a rise of 18 paise or 0.33 per cent. It had gained 48 paise in the past two days.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: "The USD/INR pair continued to revisit new intraday high and low during the session on corporate selling and importer buying. The dollar index which eased from its high of around 80.80 levels witnessed some sharp rebound in Euro which has been trading on to its lower berth."

CRISIL has estimated that the rupee may appreciate by around 7 per cent from current levels.

"The rupee is expected to settle at around 51-52 per US dollar by March-end 2014, from the current levels of around 55 per US dollar," it said.

India will release November IIP data on Friday and December inflation data next Monday.

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