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Rupee closes 2 paise lower at 63.41 on dollar demand

Forex dealers are keenly waiting for the US Fed Chair Janet Yellen's two-day testimony before the US Congress and voting on reform measures by the Greek Parliament, both scheduled later in the day.

twitter-logoPTI | July 15, 2015 | Updated 20:39 IST
Rupee closes 2 paise lower at 63.41 on dollar demand
Photo: Reuters

The rupee ended marginally lower by two paise at 63.41 against the US dollar on fag-end demand for the American currency from banks and importers on a higher greenback in overseas markets.

However, foreign capital inflows restricted the rupee's fall against the dollar, forex dealers said.

The rupee resumed higher at 63.36 as against Tuesday's closing level of 63.39 at the Interbank Foreign Exchange (Forex) market and moved up further to 63.35 on initial selling of dollars by banks and exporters.

However, it failed to maintain its gains on fresh dollar demand from banks and importers and dropped to 63.44 before ending at 63.41, showing a marginal loss of two paise, or 0.03 per cent. It hovered in a range of 63.35 and 63.44 per dollar during the day.

The dollar index was trading higher by 0.05 per cent against its major global rivals on Wednesday.

Forex dealers are keenly waiting for the US Fed Chair Janet Yellen's two-day testimony before the US Congress and voting on reform measures by the Greek Parliament, both scheduled later in the day.

In the New York market, the dollar fell against nearly all of its main rivals yesterday after US retail sales declined in June for the first time in four months.

Meanwhile, oil prices rose in Asia on easing concerns over the impact of the expected flood of Iranian supplies in the global market following the country's historic nuclear deal. US benchmark West Texas Intermediate for August delivery rose 26 cents to USD 53.29 and Brent crude for August climbed 10 cents to USD 58.61 a barrel in late morning trade. The benchmark BSE Sensex rose by 265.39 points, or 0.95 per cent, to settle at 28,198.29.

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