Rupee Ends Steady At 66.54 Vs US Dollar

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Mumbai: In a range-bound trade, the rupee today ended marginally higher by 1 paisa to 66.54 against the US currency on mild selling of dollars by banks and exporters on the back of lower greenback overseas.

The rupee today opened slightly lower at Rs 66.57 as against yesterday’s level of Rs 66.55 at the Interbank Foreign Exchange (Forex) market here and hovered in a restricted range of 66.62 and 66.5450 per dollar before ending at 66.54, showing a mere gain of 1 paisa or 0.02 per cent.

The dollar index was down 0.15 per cent against a basket of six global currencies in the late afternoon trade.

Meanwhile, the RBI fixed the reference rate for the dollar at 66.5830 and euro at 75.9313.

In cross-currency trades, the rupee moved down against the pound sterling to finish at 96.44 from 96.20 yesterday.

However, it ended steady against the euro at 76.00.

The domestic currency dropped against the yen to 62.22 per 100 yens from 62.03.

In the overseas market, the yen slightly gained against the dollar and the euro in a range-bound Asia trade today, with investors sitting on their hands ahead of closely-watched US jobs data.

Meanwhile, crude prices dipped in Asia today as traders await a closely watched US jobs report that could provide clues on the health of the world’s biggest economy and the direction of interest rates.

Pramit Brahmbhatt of Veracity Financial Services said, “To start with the rupee opened marginally lower by 2 paise to 66.57/USD compared to previous close of 66.55/USD. The rupee continued to trade lower and took cues from domestic equity market. Our benchmark index Nifty traded with negative bias and closed with marginal loss of 3 points. Thus to end the day, the rupee closed on flat note at 66.54/USD.”

In forward market, premium for dollar dropped further in view of continued receivings from exporters.

The benchmark six-month premium for October moved down further to 202-204 paise from 207.5-208.5 yesterday and far forward April 2017 contract also fell further to 399-401 paise from 403.5-404 paise.

Meanwhile, the benchmark Sensex ended lower by 33.71 points or 0.13 per cent to 25,228.50.

PTI

 

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