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Indian rupee ends steady at 66.55 vs US dollar

The Indian rupee recouped from its morning losses against the American currency and ended barely steady at 66.55 on mild selling of dollars by banks and exporters in view of recovery in the domestic equity market.

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The Indian rupee recouped from its morning losses against the American currency and ended barely steady at 66.55 on mild selling of dollars by banks and exporters in view of recovery in the domestic equity market.

The rupee opened lower at Rs 66.59 as against yesterday’s level of Rs 66.55 at the Interbank Foreign Exchange (Forex) market here today and moved down further to 66.6150 on initial dollar demand from banks and importers.

However, it recovered from initial losses to 66.45 on selling of dollars by banks and exporters on the back recovery in equity market before finishing at 66.55, showing no change from yesterday’s close.

The domestic unit hovered in a range of 66.45 and 66.61 per dollar during the day.

The dollar index was up 0.38 per cent against a basket of six global currencies in the late afternoon trade.

Meanwhile, the RBI fixed the reference rate for the dollar at 66.5105 and euro at 76.3807.

In cross-currency trades, the rupee moved up further against the pound sterling to finish at 96.20 from 96.54 yesterday.

It also looked up against the euro to 76.00 from 76.53 per euro.

The domestic currency also hardened further against the yen to 62.03 per 100 yens from 62.36. “Mixed data from US and fall in crude oil prices has resulted in under-performance of commodity currencies and Asian risk assets. Non-farm payroll data tomorrow from US will determine further course for the currency markets,” a dealer said.

In New York market, US dollar shrugged off a number of mixed economic reports, including a weaker-than-expected private-sector employment data, and rose for a second day against its main rivals yesterday.

Pramit Brahmbhatt of Veracity Financial Services said, “The rupee opened marginally lower by 4 paise at 66.59/USD compared to previous close of 66.55/USD. In absence of any cues and volatile trading session in domestic equity market, the rupee traded in narrow range. Our benchmark index Nifty closed with a gain of 29 points at 7736 levels. Thus, the rupee closed at 66.55 per dollar.”

The benchmark Sensex recovered by 160.48 points or 0.64 per cent today.

In forward market, premium for dollar dropped further in view of sustained receivings from exporters.

The benchmark six-month premium for October moved down further to 207.5-208.5 paise from 210-212 paise yesterday and far forward April 2017 contract also fell further to 403.5- 404 paise from 406-408 paise.

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First published on: 05-05-2016 at 11:05 IST
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