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Rupee snaps 3-day rally, falls 19 paise vs USD

The Indian rupee on Friday snapped its three-day gaining string and depreciated by 19 paise to close at 54.76 against the Greenback on weak industrial production data amid fresh dollar demand from importers and late weakness in domestic equities.

twitter-logoPTI | January 11, 2013 | Updated 22:58 IST

The Indian rupee on Friday snapped its three-day gaining string and depreciated by 19 paise to close at 54.76 against the Greenback on weak industrial production data amid fresh dollar demand from importers and late weakness in domestic equities.

Better dollar overseas also weighed on the rupee while consistent foreign funds inflow in stocks restricted the fall to some extent.

At the Interbank Foreign Exchange (Forex) market, the local unit commenced strong at 54.40, which was also to be the day's high, as against previous close of 54.57 on the back of strong equities at initial stages due to better-than-expected third quarter results announced by Infosys.

It later fell back in line with domestic stocks following steep fall in industrial production data and rise in trade deficit to a low of 54.8450 before concluding at 54.76, a net fall of 19 paise or 0.25 pct. In last three days, it had gained 66 paise or 1.20 per cent.

The Indian benchmark Sensex, which was up by over 175 points at initial stages, closed almost flat while Foreign Institutional Investors (FIIs) pumped in Rs 249.50 crore yesterday, as per provisional data with stock exchanges.

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