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Forex update: Rupee ends 10 paise up, logs six-week high of 60.29 against dollar

Solid rally in domestic equitites and good inflows helped the rupee even as the dollar index was up 0.10 per cent against six major global rivals, forex dealers said.

twitter-logo PTI   Mumbai     Last Updated: September 8, 2014  | 18:40 IST
Rupee recovers against dollar on sustained fund inflows
(Photo: Reuters)

The Indian rupee on Monday appreciated by ten paise to end at a nearly six-week high of 60.29 against the American currency tracking a solid rally in local shares and continued dollar selling by exporters and some banks.

Good inflows also helped the rupee even as the widely tracked dollar index was up 0.10 per cent against six major global rivals, forex dealers said.

At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced strong at 60.29 a dollar from last Friday's close of 60.39.

Rupee traded in a narrow range of 60.19 and 60.31, before concluding at its opening level of 60.29 - a rise of ten paise or 0.17 per cent. This is the strongest level since the the rupee had settled at 60.06 on July 30, 2014.

The benchmark S&P Bombay Stock Exchange (BSE) Sensex on Monday shot up by 293.15 points, or 1.08 per cent, to log new closing peak of 27,319.85.

FPIs/FIIs infused US $54.16 million last Friday, taking the total to US $710.33 million in the current month so far, as per Sebi data.

In forwards market on Monday, premium continued to close narrowly mixed in recent few days.

The benchmark six-month premium payable in February edged down to 242-244 paise from 242.5-244.5 paise previously while far-forward contracts maturing in August, 2015 rose further to 498-500 paise from 495.5-497.5 paise.

The Reserve Bank of India (RBI) fixed the reference rate for dollar at 60.2628 and for the euro at 77.9439.

The rupee bounced back with vengeance against the pound to 97.25 from last weekend's close of 98.48 and also recovered to 78.08 per euro crom 78.26.

It, however, remained firm to 57.29 per 100 Japanese yen from 57.41 previously.

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