Rupee ends at 55.63 vs US dollar

It immediately touched a low of 55.75 on some weakness in local equities amid month-end dollar demand from importers. However,with Sensex rebounding in the last 30 minutes of trade on the back of robust capital inflows,the rupee gained and touched a high of 55.58.

With dollar gaining some strength after a short-term weakness,the rupee,however,closed at 55.63 a fall of one paisa over Wednesday8217;s closing value.

Since the lower GDP figures are already anticipated by the market players,the April- une GDP figure which is set to be released tomorrow could make rupee to break its narrow range,said Abhishek Goenka,Founder amp; CEO,India Forex Advisors.

8220;The rupee traded on strengthening note within a lacklustre narrow range8230; it,however,shed some of its strength towards the fag end after the sharp dip in EU consumer confidence numbers to a three year low pushed the Euro from its highs,8221; said Pramit Brahmbhatt,CEO,Alpari Financial Services India.

The dollar index was last trading flat with an upward bias against a basket of six major global currencies a day ahead of the US Federal Reserve Chairman Ben Bernanke8217;s much-awaited speech. New York crude oil was quoting above USD 95 a barrel in Europe today.

Meanwhile,the Indian stock market benchmark Sensex,which was down by over 123 points in the morning,reversed its losses and closed up by nearly 51 points,cutting straight four sessions of losses.

Foreign Institutional Investors FIIs continued their buying spree and picked up shares worth USD 74.50 million yesterday as per Sebi data.

Global markets have been trading on low volumes awaiting the Quantitative Easing QE outcome from Jackson Hole followed by the ECB Chairman Draghi8217;s comments in an upcoming meeting,Brahmbhatt added.

The premium for the forward dollar reacted downwards on fresh receipts by exporters.

The benchmark six-month forward dollar premium payable in February declined to 185-187 paise from overnight close of 191-193 paise.

The premium for far-forward contracts maturing in August also dropped to 338-340 paise from 345-347 paise.

The RBI has fixed the reference rate for the US dollar at 55.6485 and for euro at 69.8360.

The rupee remained weak against the pound sterling to 88.15 from Wednesday8217;s close of 88.04. The rupee fell back slightly against the euro to 69.79 from 69.76.

It also softened against the Japanese yen to 70.78 per 100 yen from last close of 70.75.