Free Press Journal

Rupee ends at 65.98 vs USD, down 10 paise


Rupee down

Mumbai: Continuing its fall for the third consecutive day, the rupee today lost another 10 paise to settle at 65.98 per dollar on persistent demand for the American currency from banks and importers in view of heavy foreign capital outflows. Higher dollar in the overseas market also affected the market sentiment, a forex dealer said.

Foreign portfolio investors (FPIs) pumped out USD 147.15 millions yesterday, as per SEBI’s data. The Indian unit resumed lower at 66.02 per dollar as against yesterday’s closing level of 65.88 at the Interbank Foreign Exchange (Forex) market.

It slid further to 66.12 on heavy dollar demand from importers before concluding the day at 65.98, showing a loss of ten paise or 0.15 per cent. It has dropped by 31 paise or 0.47 per cent in three days. The domestic currency hovered in a range of 65.89 and 66.12 per dollar during the day.

In the overseas market, the US dollar hit its highest in nearly three weeks versus a basket of currencies in early Asian trade, while the yen held on to broad gains made overnight as persistent worries over a slowdown in China dampened risk sentiment.

Meanwhile, the benchmark BSE Sensex rose by 171.15 points or 0.67 per cent to close at 25,822.99. In forward market today, premium for dollar declined on fresh receivings from exporters. The benchmark six-month premium payable in February fell to 183-185 paise from 188-189 paise yesterday and for forward August 2016 also dropped to 400-402 paise from 405-406 paise previously.

The RBI fixed the reference rate for the dollar at 65.9600 and for the Euro at 73.3700. The rupee recovered against the pound sterling to close at 100.96 from 101.67 yesterday while fell against the euro to 73.63 from 73.55 previously.

However, the rupee firmed up against the Japanese currency to 54.85 per 100 yen from 54.93.