Rupee ends at 52.29/30 against dollar
The rupee completed its straight seventh session of losses with a fall of a total 217 paise or 4.34 per cent. At the Interbank Foreign Exchange (Forex) market, the local currency opened bearish at 52.36/37 a dollar from last close of 52.15/16 and immediately touched a life-time low of 52.73 on heavy dollar buying from banks and importers, mainly oil refiners.
Persistent capital outflows too aided the rupee downtrend as Foreign Institutional Investors (FIIs) pulled out USD 460.40 million in five days since November 15. However, recovery in local equities and late dollar selling by exporters stem the rupee fall and it rebounded to a high of 52.25 before concluding at 52.29/30, which was also supposed to be closing low, still down by 15 paise.
The Indian benchmark sensex today snapped its straight eight trading days of losing string and closed up by over 119 points or 0.75 per cent. Mr. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said,"Rupee ended weak today. Local equities closed on a strong note which helped Rupee to recover partially its early losses." "Looking at the global scenario one can expect Rupee to trade near 53.00 levels in coming days and the trading range for the USD/INR will be 52.30 to 52.80 tomorrow," he added.