Rupee Ends Higher At 67.14 On Dollar Selling

Mumbai: Extending gains for a second straight session, the rupee on Wednesday ended 13 paise higher at 67.14 against the dollar on sustained selling of the American currency by banks and exporters in view of persistent foreign capital inflows despite a firm greenback overseas. Firm equity market also boosted the rupee value against the dollar, a forex dealer said. Foreign portfolio investors and foreign institutional investors bought shares worth a net Rs 404.69 crore today as per the provisional data issued by stock exchanges. The Sensex gained by 47.81 points or 0.17 per cent on Wednesday. The rupee opened lower at 67.33 as against Tuesday's closing level of 67.27 per dollar at the interbank foreign exchange (forex) market and moved down further to 67.34 on initial dollar demand from importers. However, it recovered afterwards to close at 67.14 per dollar on fag-end selling of dollars by banks, showing a gain of 13 paise or 0.19 per cent. The rupee has gained by 21 paise or 0.31 per cent in last two days. The domestic unit hovered in a range of 67.14 and 67.34 during the day. The dollar index was trading up 0.10 per cent against a basket of six currencies in the late trade. Meanwhile, the Reserve Bank of India fixed the reference rate for the dollar at 67.2362 and euro at 73.8859. In cross-currency trades, the rupee firmed up further against the pound sterling to close at 87.97 from 88.26 previously and recovered against the euro to settle at 73.83 from 74.01 previously. The domestic currency also recovered against the Japanese yen to 63.61 per 100 yen from 64.45. In overseas markets, the dollar extended its gains against the yen on Wednesday, after the Wall Street Journal reported that Japan is considering issuing 50-year bonds as part of an economic stimulus package. Adding to the upward trend was a local media report that Prime Minister Shinzo Abe would announce details of the stimulus package in the afternoon. In the forward market, premium for dollar eased on good receivings from exporters. The benchmark six-month premium for December moved down to 170-172 paise from 172-172.5 paise and the forward June 2017 contract also moved down to 367.5-369.5 from 370.5-371 paise.

Rupee Ends Higher At 67.14 On Dollar Selling

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