Rupee ends higher by 13 paise, at 61.46 against US dollar

The Indian rupee ended higher by another 13 paise on Thursday, at 61.46 against the US dollar, following persistent selling of the Greenback by banks and exporters on the back of a weak dollar in overseas market.

Sustained foreign capital inflows also boosted the rupee value against the dollar, a forex dealer said.

The rupee resumed higher at 61.57 per dollar as against the last closing level of 61.59, but dropped immediately to 61.70 on initial dollar demand from banks and importers. However, it recovered afterwards to 61.35 before ending at 61.46 per dollar in view of strong equity market, showing a gain of 13 paise or 0.21 per cent from its last close.

The currency moved in a range of 61.35 per dollar and 61.70 per dollar during the day.

"The rupee was seen trading in a thin range. It was supported by bouts of selling of dollars by banks and exporters amid strong recovery in the equity market. The FII's have been the net buyers since last number of session, thereby helping rupee to post gains against the US dollar. Globally, US dollar weakness and a strong recovery in the euro continued to contribute to gains in the rupee",said Mr. Abhishek Goenka Founder and CEO, India Forex Advisors.

In New York market, the US dollar was flat to slightly higher versus most major rivals other than the yen on Wednesday as worries about China's banks spurred a round of haven-related buying, strategists said.

In London market, the dollar struggled near a nine month low versus a basket of currencies on Wednesday after US jobs data prompted investors to all but rule out the chances of a cut in US monetary stimulus before next year.

In the global market, currencies that suffered on Wednesday amid concerns over China's financial stability, rebounded on Thursday even as a key Chinese money-market rate zoomed higher.

Meanwhile, the BSE Sensex crossed the 21,000-mark after 35 months, but ended 42.45 points lower at 20,725.43 from its last close.

 
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