Indian rupee down 2 paise against US dollar, at 60.12

 
The Indian rupee destabilized by two paise to 60.12 adjacent to the US dollar in in the early hours deal at the Interbank Foreign Exchange on augmented insists for the American coinage from importers.
Dealers said dollar's power alongside other currencies abroad also weighed on the rupee but a superior breach in the familial equity souk capped wounded.
The BSE Sensex was up 55.08 points, or 0.21 per cent, at 26,181.83 in premature deal on Monday.
The rupee had on Friday edged up by two paise to end at 60.10 beside the American money on dollar advertising by exporters.

Rupee will settle down, assures Chidambaram

 
Finance Minister P Chidambaram took to reassuring investors and traders after the rupee declined to a two-month low of 63 to a dollar, saying the currency will stabilise.

In early trade on Monday, the rupee fell to 63.33 a dollar, its weakest since September 18.

"Rupee will settle down," the finance minister told reporters in the national capital.

The Indian currency started weakening again last week after the dollar purchase by oil companies was partly shifted to the market.

The PSU oil companies are the biggest buyers of dollars, requiring $8-8.5 billion every month for the import of an average 7.5 million tonne of crude oil.

"Rupee weakness is due to OMC forex demand being moved to market... 30-40 per cent of OMC demand has moved to market," Economic Affairs Secretary Arvind Mayaram had said last week.

The rupee has recovered over 8 per cent since August 28, when it fell to a record low of 68.85 to the dollar.

The Reserve Bank of India had in August opened a special window to help the three state-owned oil marketing companies - Indian Oil, Hindustan Petroleum and Bharat Petroleum - to meet daily foreign exchange requirements and buy dollars directly from the central bank.

The gain in the rupee's value had also followed optimism that the US Federal Reserve would delay the tapering of its bond buying programme.

India rupee up 57 paise to 61.08 dollar in early trade

The rupee opened strong and was trading 57 paise up to 61.08 against the dollar in early trade at the Interbank Foreign Exchange market on Wednesday as the greenback fell against other currencies overseas after the weak US jobs report fuelled hopes the Federal Reserve will keep its stimulus programme in place.

Besides, increased dollar selling by exporters and a higher opening in the domestic equity market also supported the rupee, forex dealers said.

The rupee had lost 13 paise to close at 61.65 against dollar in Tuesday's trade on sustained demand from importers and banks as investors awaited US jobs data.

Meanwhile, the BSE benchmark Sensex was trading over 100 points down in late morning trade on Wednesday.