Rupee ends steady at 62.69 against dollar ahead of FOMC statement

In a restricted trade, the rupee ended steady against the American currency at 62.70 per dollar due to cautious approach from banks and others ahead of the Federal Open Market Committee's monetary policy statement.

The rupee resumed slightly higher at 62.68 per dollar as against the last closing level of 62.70 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a limited range of 62.6175 per dollar and 62.78 per dollar before concluding at 62.69 per dollar, showing a marginal gain of one paise or 0.02 per cent.

The dollar index, a gauge of six major global rivals, was down by 0.18 per cent today.

Mr. Pramit Brahmbhatt, Veracity Group, CEO said, "Rupee traded slightly strong for the day and appreciated by one paise to close at 62.69 as exporters & banks were seen selling dollar's which supported Rupee but already elevated dollar against other currencies hurt the upward movement of Rupee".

"Also the local equities traded low and ended on a weak note for the day which dented the Rupee movement", he added.

The trading range for the Spot USD/INR pair is expected to be within 62.30 to 63.20.

In New York market, the dollar traded flat against most rivals on Tuesday, and inched lower against the euro for the second session, ahead of the expected release of the Federal Open Market Committee's monetary policy statement.

Meanwhile, the benchmark Bombay Stock Exchange (Sensex) failed to maintian initial gains and ended lower by 114.26 points or 0.40 per cent to close at 28,622.12.

The forward premia eased on sustained receiving by exporters.

The benchmark six-month premium payable in August moved down to 216-217.5 paise from yesterday's closing level of 217.5-218.5 paise while forward contracts maturing in February 2016 ended almost stable at 434-435.5 paise.

The Reserve Bank of India (RBI) fixed the reference rate for dollar at 62.6720 for Euro at 66.3383.

The rupee continued to remain firm against the pound to 91.95 as against 92.51 on Tuesday while ended lower against the euro to 66.55 per euro as against 66.47 per euro yesterday.

The domestic currency also dropped against the yen to 51.75 per 100 Japanese yen from 51.71 prevously.