Indian rupee closes at 1-month high of 60.39 Vs US dollar; up 13 paise

Sep 04 2014, 22:09 IST
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SummaryRising for the second day, the rupee today closed at one-month high of 60.36 paise...

Rising for the second day, the rupee today closed at one-month high of 60.36 paise, up 13 paise against the dollar on sustained selling of the US currency by exporters and some banks amid heavy capital inflows.

At the Interbank Foreign Exchange (Forex) market, the local currency resumed better at 60.46 a dollar from previous close of 60.49 and immediately touched a low of 60.4950.

Later, it recovered and rallied to a high of 60.35 before concluding at 60.36, a rise of 13 paise or 0.21 per cent. Yesterday, it had gained 19 paise or 0.31 per cent. Today's closing level is the best since July 30 when rupee closed at 60.06. Full Coverage: Indian rupee vs US dollar, others

"The profit booking in local equities hindered the rupee's appreciation to some extent. Dollar index is trading range bound ahead of the economic data releases lined up for the day and also investors are eagerly waiting for the outcome of European Central Bank's policy meeting due for the day," said Pramit Brahmbhatt, Veracity Group CEO.

The trading range for spot rupee is expected to be within 60.00 to 60.80, he added.

The BSE Sensex today snapped its nine-session winning string and closed down by 54.01 points at 27,085.93.

FPIs/FIIs picked up shares worth Rs 1,288.57 crore (USD 216.91 million) yesterday, as per Sebi data.

The dollar index, a gauge of six major global rivals, was up by 0.12 per cent ahead of US economic data and the European Central Bank's monetary policy decision on interest rates and quantitative easing.

"The domestic currency exhibited a flat movement throughout the day as the investors remained cautious, awaiting fresh cues from the market.

"The markets will be keenly watching the ECB press conference which will be seen providing required direction to the USDINR pair. Aggressive action by the ECB on easing its monetary policy would provide green shots for the Indian Rupee," said Abhishek Goenka, founder & CEO of India Forex Advisors.

In forward market today, premium ended mixed.

The benchmark six-month premium payable in February declined to 243.5-245.5 paise from overnight close of 246-248 paise while far-forward contracts maturing in August, 2015 edged up to 493.5-495.5 paise from 493-495 paise.

The Reserve Bank of India fixed the reference rate for dollar at 60.4540 and for the euro at 79.4607.

The rupee continued its

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