Rupee snaps 3-session of gaining string, down 4 paise Vs USD

Money-1010In a lackadaisical trade, the Indian rupee today snapped its three session of gaining string and depreciated by a mere four paise to close at 61.98 on fresh dollar demand from importers, despite firm local equities and sustained capital inflows.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced slightly lower at 61.96 a dollar from previous close of 61.94 and was trapped in a narrow range of 61.9050 and 62.06 before concluding at 61.98, showing a fall of four paise or 0.06 pct.

In last three trading days, it had risen by 29 paise or 0.47 pct.

Dollar demand from importers to meet their month-end requirements mainly weighed on the rupee, a forex dealer said.

The benchmark S&P BSE Sensex today spurted by 134.52 points or 0.65 pct while FIIs picked up shares worth Rs 423.41 crore yesterday, as per provisional data with stock exchanges.

The dollar index was up by a modest 0.04 pct against its major global rivals.

Mr. Pramit Brahmbhatt, CEO, Alpari Financial Services, (India) said,”After strengthening for three consecutive days, today Rupee depreciated against the U.S. currency on renewed dollar demand from importers and banks, though the fall was capped by the strong local equity markets which closed up by over half percent with the help of foreign investors. The trading range for the USD/INR pair is expected to be within 61.50 to 62.50. PTI