Rupee down, opens at 61.53 vs $ against Thursday's close of 61.46
Posted on: 09:10 AM IST Oct 25, 2013
Mumbai: Rupee on Friday opened down at 61.53 vs US dollar against Thursday's close of 61.46. This after it rose for the second day in a row and ended 13 paise higher at 61.46 against the dollar after banks and exporters sold the US currency as it weakened overseas.
Sustained foreign capital inflows also boosted the rupee, a forex dealer said. The rupee had resumed higher at 61.57 per dollar against the previous close of 61.59 and dropped immediately to 61.70 on initial dollar demand from banks and importers.
After moving in a range of 61.35 to 61.70, it ended on Thursday at 61.46 a dollar, a gain of 13 paise or 0.21 per cent. The local currency is at the highest level since closing at 61.27 on October 18.
"FIIs are seen showing interest in the Indian markets. Globally, the US dollar was seen continuing with its weakness amid concerns that the ongoing pace of QE (quantitative easing) will remain in place in the current year," said
Abhishek Goenka, CEO of India Forex Advisors.
Foreign institutional investors (FIIs) bought a net Rs 644.80 crore of shares yesterday, according to preliminary data from the stock exchanges. Pressure on the currency also eased after RBI on Wednesday said it has received USD 10.1 billion under two schemes announced last month to attract foreign funds.
In New York, the US dollar was flat or slightly higher on Wednesday against most major rivals, excluding the yen, as concerns about China's banks triggered safe-haven buying, analysts said.
(With additional inputs from PTI)
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