Rupee extends gains for 4th straight day, up 7 paise against dollar
PTI October 1, 2015
The rupee extended its gains for the fourth straight day against the American currency, advanced by another 7 paise to close at 65.51 per dollar on persistent selling of dollars by banks and exporters on hopes of more foreign capital inflows into equity market.
Foreign portfolio investors (FPIs) net bought shares worth Rs 116.08 crore on Wednesday as per the provisional figures issued by stock exchanges.
The rupee resumed steady at 65.58 per dollar at the Interbank Foreign Exchange (Forex) market in view of cautious approach.
It moved in a range of 65.48 per dollar and 65.67 per dollar before ending at 65.51 per dollar, showing a gain of seven paise or 0.11 per cent.
It has gained by 65 paise or 0.98 per cent in four days.
The dollar index was trading higher by 0.11 per cent against a basket of six currencies in the late afternoon trade.
In global markets, the US dollar was trading slightly higheragainst its major rivals in Asian trade on relief a set of China manufacturing surveys were just a smidgen better than some had expected, but gains were limited as caution prevailed ahead of key US jobs data on Friday.
Mr. Pramit Brahmbhatt, Veracity Group CEO said, " The USDINR pair traded range bound as investors preferred to stay cautious ahead of the major US economic data due for the day which will show the road ahead to the market."
The trading range for the Spot dollar/rupee pair is expected to be within 65.10 to 65.90.
Meanwhile, the Indian benchmark BSE Sensex ended up by 66.12 points or 0.25 per cent on Thursday.
In forward market on Thursday, premium for dollar continued to fall on sustained receivings from exporters.
The benchmark six-month premium payable in March slipped to 202-204 paise from 205-207 paise and forward September 2016 also declined to 406-408 paise from 412-414 paise.
The RBI fixed the reference rate for the dollar at 65.5540 and for the Euro at 73.0796.
The rupee hardened further against the pound sterling to finish at 99.23 from Wednesday's close of 99.58 and also firmed up further against the Euro to 73.09 from 73.51.
However, it dropped against the Japanese currency to settle at 54.71 per 100 yen from 54.52 on Wednesday.
The Forex and money markets will remain closed on Friday on account of "Mahatma Gandhi Jayanti".