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Indian rupee recovers from early losses, edges up to 63.48 against US dollar

BT Online Bureau     September 13, 2013
The Indian rupee recovered all of its early losses and edged up by 2 paise to end at 63.48 against the US dollar as exporters sold the Greenback.

The Indian currency opened weaker on Friday, at 63.75, on the Interbank Foreign Exchange Market from the previous close of 63.50 and dropped further to 64.18 on dollar demand from banks and a firm US currency in the overseas market.

However, it recovered to 63.35 per dollar before ending at 63.48, a marginal gain of two paise. The rupee ended higher for the second consecutive week.

Earlier in the day, Prime Minister's key economic adviser C Rangarajan said the Reserve Bank of India's (RBI) tight monetary policy should continue until the rupee stabilises.

The Prime Minister's Economic Advisory Council also slashed the growth forecast for the current financial year to 5.3 per cent from 6.4 per cent projected earlier.

The dollar index traded up 0.12 per cent against six major global rivals ahead of US retail sales data before the Federal Reserve meeting next week.

Meanwhile, the 30-share BSE Sensex fell 49.12 points or 0.25 per cent as concerns over growth outweighed positive economic data that showed a 2.6 rise in industrial production in July and consumer price inflation easing to 9.52 per cent in August.

Foreign institutional investors sold a net Rs 98 crore of shares on Friday after buying Rs 930.54 crore of stocks on Thursday.

With inputs from PTI

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