The rupee pared losses after falling past 67 per dollar for the first time since September 2013, rebounding as traders said state-run banks sold the greenback on behalf of the Reserve Bank of India.
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Forex dealers said gains in the dollar against major global currencies and a lower opening in the domestic equity markets weighed on the rupee.
At 9.22am, the home currency was trading at 66.98 per USA dollar, down 0.48% from its previous close of 66.66.
Mumbai: The Indian rupee on Friday weakened past the 67 mark against the USA dollar after a view emerged that the European Central Bank’s (ECB) measures are not enough to prop up global growth, making India more vulnerable to dollar outflows.
Pramit Brahmbhatt, Veracity Group CEO, said, “Today the Dollars opened on a positive note on back of positive US Economic Data [Unemployment Claims], but could not sustain at higher levels”.
The rupee after touching the high of Rs105.
Trading range for the spot USD/INR pair is expected to be within 66.25 to 67 levels. The benchmark six-month premium payable in May dropped to 203-205 paise from to 207-209 paise yesterday while far forward November 2016 contract also moved down to 411-413 paise from 415.5-417.5 paise.
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The pound sterling closed at Rs 160.75 for buying and Rs 161.45 for selling, it closed up by 75 paisas against the rupee while the euro closed firm at Rs 113.50 for buying and Rs 114 for selling.
