Rupee ends up by 12 paise vs USD
Mumbai: The rupee today snapped its 3-day losing streak by ending 12 paise higher at 55.68 against the American currency on fag-end selling of dollars by banks and exporters amid Euro gaining strength overseas.
The rupee resumed higher at 55.75 per dollar as against 55.80 per dollar at the Interbank Foreign Exchange (Forex) market on mild selling of dollars from banks. It then hovered in a range of 55.55-55.92 per dollar before ending the day at 55.68, showing a gain of 12 paise or 0.22 per cent from its last close. This marks a turnaround for the rupee which lost 86 paise or 1.57 per cent in the last three straight sessions.
Dealers said the sentiment was in favour of the rupee as in Hong Kong, the euro stayed close to the USD 1.25 level against the dollar during Asian business hours today. The euro rallied in early deals as Eurozone`s better-than expected industrial production figures provided a temporary relief to the market that awaits key Greek polls this weekend. "Rupee was supported by the turn around in the equity market, which is in positive territory due to a rate cut expectation. International factors like strengthening of Euro also supported the domestic currency," said Sudhir Kumar Jain, GM (Treasury), Dena Bank.
According to Hemal Doshi, Currency Strategist, Geojit Comtrade, going ahead the forex market will take cue from the inflation data which is pegged at 7.6 per cent as per market and anything below the expected figure will support rupee. Crude oil was also lower at USD 83.20 a barrel in Asian trade today on the eve of an OPEC ministerial meeting in Vienna to discuss production quotas, analysts said. Meanwhile, the Indian benchmark Sensex advanced by another 18 points or 0.11 per cent to end at 16,880.51.