Rupee rebounds to 1-wk high v/s $

7 Jul 2017

The Indian rupee staged a spirited recovery against the greenback - appreciating by a whopping 18 paise to end at a fresh one-week high of 64.60 on renewed dollar selling by banks and exporters.
Though the spotlight was mainly focused on the official set of US employment statistics which are due later in the global day.
Unwinding of long dollar positions by banks and currency speculators ahead of the key employment-related data predominantly aided the recovery momentum, a forex dealer said.
The domestic currency had closed at one-month low of 64.88 against US currency on Monday amid fears over firming US tightening bets.
Domestic equties, however showed muted trade amid profit-taking even as Asian stock markets endured a soft day largely impacted by a weaker Wall Street lead.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 15.29 crore on Thursday, as per provisional data.
Meanwhile, the US dollar managed to hold on to chunky gains notched up against other major currencies.
The local currency resumed modest higher at 64.75 from Thursday's closing value of 64.78 at the Interbank Foreign Exchange (Forex) Market.
It kept creeping higher thoughout the session to hit an intra-day high of 64.57 in late afternoon deals before concluding at 64.60, revealing a solid gain of 18 paise, or 0.28 per cent.
For the week, the rupee ended with a modest 2 paise fall, stretching its downtrend for the fourth-straight week.
The RBI, meanwhile, fixed the reference rate for the dollar at 64.7342 and for the euro at 73.8811.
The dollar index, which tracks the U.S. currency against a basket of six major rivals, was up at 95.64. (PTI)