India rupee down 8 paise to 62.02 against dollar in early trade

Breaking a three-day charming run, the rupee on Wednesday lost 8 paise to 62.02 alongside the US dollar in near the beginning deal on the Interbank Foreign Exchange market unpaid to admiration of the US currency abroad.
Forex dealers said at a distance from month-end command for the American legal tender from importers, dollar ahead adjacent to other currencies abroad also put strain on the local unit, but a elevated notch in the familial impartiality market capped the fall.

Indian rupee recovers 19 paise to 62.37 against dollar in early trade

The Indian rupee  well again by 19 paise to 62.37   against the US dollar in early trade on Friday at the Interbank Foreign Exchange market on augmented advertising of the American money by exporters.

Forex dealers said a superior aperture in the familial impartiality souk also supported the rupee but dollar's potency aligned with other currencies abroad, subsequent better-than-forecast US increase statistics, capped the ascend.

The rupee had lost 15 paise alongside the dollar to finish at 62.56 in the earlier conference, in line with a sell-off in budding markets, after the US Federal Reserve scaled reverse its incentive programme.

The standard Bombay Stock Exchange Sensex rose 54.65 points, or 0.26 per cent, to 20,552.90 in premature deal on Friday.

Indian rupee weakens by 5 paise 62.36 aligned with dollar in premature deal

The rupee undermined by 5 paise to 62.36 per dollar in break of day deal on Tuesday at the Interbank overseas swap over promote subsequent augmented require for the US legal tender from oil importers. Forex dealers said in addition dollar's gains out of the country, augmented require from oil importers for the American legal tender mostly prejudiced the rupee, but a superior aperture in the stockpile souk capped the wounded. The rupee had lost 15 paise to secure at a five-week low of 62.31 adjacent to the dollar in yesterday's deal. Temporarily, the benchmark BSE Sensex was trading over 70 points behind in daybreak operate.

Rupee falls to one-month low against dollar

 
In step with local stocks, the rupee surrendered initial gains and declined 36 paise to a one-month low of 62.26 against the dollar Thursday amid demand from importers as the US currency strengthened overseas.

At the interbank foreign exchange market, the rupee started on a stable note from the previous close of 61.90 and climbed to the day's high of 61.74 as local stocks advanced.

However, the local currency fell sharply to a low of 62.28 after a drop in the domestic equity market amid weak European cues and a decline in manufacturing data in December.

The rupee closed at 62.26, a fall of 36 paise or 0.58 per cent, adding to Wednesday's 10-paise loss. The currency is at the lowest closing level since it reached 62.36 on December 3.

"Negative closing in the local stock markets and strengthening dollar index led to weakness in the rupee. Other than this, a large petrochemical company is said to have bought dollars from the market, which put pressure on the rupee," said Abhishek Goenka, CEO of India Forex Advisors.

The HSBC India Manufacturing Purchasing Managers' Index, a measure of factory production, dropped to 50.7 in December from 51.3 in November. A reading above 50 indicates growth.

The benchmark 30-share S&P BSE Sensex tumbled 252.15 points, or 1.19 per cent, erasing the day's gains. Foreign institutional investors bought shares worth a net Rs 10.16 crore yesterday, according to provisional data.

The dollar index, which measures the US currency against six major global rivals, was up 0.15 per cent ahead of US manufacturing data.

"After a strong opening, the rupee decreased and closed on a weaker note against the dollar, taking cues from negative local equities," said Pramit Brahmbhatt, CEO of Alpari Financial Services (India). "The dollar index...is trading strong."

Forward dollar premiums dropped further on continued receipts by exporters.

The benchmark six-month forward dollar premium payable in June tumbled to 248-1/2 to 250-1/2 paise from 256-258 paise on Wednesday and far-forward contracts maturing in December plunged to 488-490 paise from 495-497 paise.

The RBI fixed the reference rate for the dollar at 61.9020 and for the euro at 85.1556.

The rupee remained weak and ended at 102.97 against the pound from the overnight close of 102.30 and moved down further to 85.21 per euro from 85.08. It also fell to 59.07 per 100 Japanese yen from 58.81.