Free Press Journal

Rupee ends flat at 63.60 against US dollar



Mumbai: The rupee ended almost flat at 63.60 against the US dollar due to uneven demand and supply of the American currency from banks. The rupee resumed lower at 63.65 as against yesterday’s level of 63.59 at the Interbank Foreign Exchange (Forex) market.

It hovered in a range of 63.57 and 63.70 during the day before closing the day at 63.60. The dollar index was trading lower by 0.20 per cent against its major global rivals today. In the New York market, the dollar rose against the euro yesterday, after a strong new-home sales report and hawkish comments from US Federal Reserve governor Jerome Powell shifted investors’ rate-hike expectations towards the central bank’s September meeting.

Oil prices rose in Asian trade today on hopes for stronger than expected US crude demand, while doubts over reaching an agreement next week over Iran’s nuclear programme eased over-supply concerns.

Meanwhile, the benchmark BSE Sensex snapped its 8-day winning spree, ending lower by 74.70 points, or 0.27 per cent, to settle at 27,729.67.