Free Press Journal

Rupee snaps 3-day losing streak Vs dollar; closes 21 paise up


rupee against dollar

Mumbai: The rupee snapped its 3-day losing streak against the US dollar by ending 21 paise higher at 63.80 on fresh selling of the greenback by banks and exporters.

However, month-end dollar demand from importers, mainly oil refiners, restricted the rupee’s gains, forex dealers said. The rupee resumed higher at 63.95 as against yesterday’s closing level of 64.01 at the Interbank Foreign Exchange (Forex) and firmed up further to 63.75 before ending at 63.80, showing a gain of 21 paise or 0.33 per cent. The local currency had dropped 49 paise, or 0.77 per cent, in last three days. During intra-day trading, it hovered in a range of 63.75 and 64.00 per dollar.

However, the dollar hit its highest level in more than 12 years against the yen today, with the US currency’s rapid pace of gains putting market participants on alert for any signs of discomfort from the US and Japan.

Meanwhile, the benchmark BSE Sensex declined by 57.95 points, or 0.21 per cent, to end at 27,506.71.