Indian rupee trims initial losses vs US dollar,still down 9 paisehttps://indianexpress.com/article/business/banking-and-finance/indian-rupee-trims-initial-losses-vs-us-dollar-still-down-9-paise/

Indian rupee trims initial losses vs US dollar,still down 9 paise

Indian rupee gained 8 paise to close at over two-week high of 61.23 against the US dollar in the previous session.

The Indian rupee trimmed its initial losses against the American currency,but was still quoted down by 9 paise to 61.32 per dollar on month-end demand from importers coupled with higher dollar overseas.

However,persistent foreign capital inflows into equity market restricted the rupee’s fall,a forex dealer said.

The Indian rupee resumed lower at 61.37 per dollar as against the last closing level of 61.23 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 61.45 per dollar.

However,it recovered afterwards to 61.29 per dollar before quoting at 61.32 per dollar at 1045 hrs.

Advertising

It moved in a range of 61.29-61.45 per dollar during the morning deals.

Month-end dollar from importers,mainly oil refiners,affected the Indian rupee value.

In New York market,the US dollar swung higher against some rivals yesterday after the Federal Reserve held monetary policy steady,in line with expectations.

The Fed maintained its monthly purchases of USD 85 billion saying economic conditions were still too weak to justify a reduction. The central bank’s statement said it would “await more evidence” of sustained economic progress before making any changes,but repeated its view that the economy was improving at a “moderate” rate.

Meanwhile,the Indian benchmark Sensex rose by 17.26 points or 0.08 per cent to 21,051.23 at 1045 hrs.