« Back to articlePrint this article

Rupee ends down 8 paise Vs dollar

Last updated on: May 30, 2014 18:14 IST

RupeeThe rupee on Friday extended losses and fell by eight paise to end at 59.11 against the dollar dragged down by month-end importer demand of the US currency.

It lost 59 paise in the past five trading sessions, logging its first weekly drop in five. In May, the rupee shed 120 paise against the dollar.

The rupee on Friday commenced a little down at 59.05 a dollar from last close of 59.03 at the Interbank Foreign Exchange market.

It later moved in a range of 58.9250 and 59.14 before concluding at 59.11, a fall of eight paise or 0.14 per cent. Yesterday, it was down by 10 paise or 0.17 per cent.

The rupee has fallen in five sessions out of last six.

FIIs had pulled out Rs 522.90 crore on Thursday.

As per provisional data from bourses, FIIs bought stocks worth Rs 2,977

crore on Friday.

This could have helped cap rupee's losses to some extent, say forex dealers.

As forex markets were closing for the day, government data showed India's fiscal deficit during the 2013/14 fiscal year narrowed to 4.5 per cent of GDP.

Later, March quarter GDP growth came in at 4.6 per cent year-on-year.

"Month end demand from importers put some pressure on rupee and continuous depreciation was seen throughout the day. Most of the Asian currencies were weaker against dollar," said Kiran Kumar Kavikondala, Director & CEO, WealthRays Securities.

The Sensex on Friday eased by 16.81 points in choppy trade. Pramit Brahmbhatt, Veracity Group CEO said: "The trading range for the Spot USD/INR pair is expected to be within 58.50 to 59.50."

© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.