The rupee edged higher by three paise to 66.46 against the US dollar in early trade on Wednesday.
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The domestic currency tumbled by 45 paise or 0.68 per cent in two days.
Tech Mahindra was the top gainer in the Sensex pack, spurting around 3 per cent, followed by Titan, Nestle India, HUL, ITC, Asian Paints and HDFC duo. On the other hand, Bharti Airtel, Tata Steel, IndusInd Bank, M&M and Sun Pharma were among the laggards. NSE Nifty rose 25.15 points or 0.22 per cent to 11,247.55.
HCL Tech was the top loser in the Sensex pack, skidding over 4 per cent, followed by Tech Mahindra Dr Reddy's, Wipro, TCS, Titan and Infosys. NSE Nifty plunged 167.80 points to 17,110.15.
The NSE Nifty settled the day 96.80 points, or 0.94 per cent lower, at 10,224.95
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
Equity benchmark Sensex rebounded 454 points on Thursday, boosted by gains in index heavyweight Reliance Industries amid a positive trend in global markets.
The dollar's weakness against some currencies overseas limited the rupee's fall.
Top performers were PowerGrid, ONGC, Ultratech Cement, Asian Paint, Kotak Bank and Titan. Nifty settled with a gain of 232.40 points at 14,761.55.
The rupee on Tuesday recovered from its two-week low to end steady at 66.60 against the American currency, inching up by a paisa on the back of mild dollar selling.
ICICI Bank was the top gainer in the Sensex pack, jumping over 5 per cent, followed by Axis Bank, Nestle India, SBI, HDFC, ONGC and Kotak Bank. On the other hand, Bajaj Auto, TCS, Bharti Airtel, M&M and Maruti were among the laggards.
Snapping its 3-day winning spree against the American currency, the rupee on Wednesday dropped by 21 paise to end at 66.64 on fag-end dollar demand from banks and importers despite a sharp rally in domestic equities.
Forex dealers said, however, a firm dollar capped rupee's rise to some extent.
This is its lowest closing since April 5 when it had finished at 33,596.80.
Recovery in the equity market also boosted the rupee value against the dollar, a forex dealer said
ICICI Bank was the top loser in the Sensex pack, shedding around 2 per cent, followed by Bharti Airtel, Axis Bank, Kotak Bank and PowerGrid. NSE Nifty closed 7.55 points or 0.07 per cent down at 11,527.45.
The rupee has been under immense pressure due to a host of reasons including soaring crude oil prices, sustained foreign fund outflows and widening current account deficit.
Reflecting nervousness over the prospect of the Federal Reserve tightening policy and event risk, traders stayed on the sidelines
The rupee had recovered by 8 paise to close at 66.91 in Tuesday's trade.
The rupee had jumped by 164 paise or 2.39 per cent in previous six trading days.
Bearish greenback overseas and robust capital inflows predominantly supported the domestic currency
Yes Bank was the biggest gainer in the Sensex pack, rallying 10.94 per cent. Other gainers included Sun Pharma, IndusInd Bank, L&T, ICICI Bank, Maruti, Bajaj Auto, Tata Motors and ONGC, rallying up to 4.01 per cent.
Other gainers included Nestle India, Asian Paints, Bajaj Finance, NTPC, L&T, Axis Bank and Bajaj Auto. On the other hand, TCS, ONGC, Infosys, HDFC and SBI were among the laggards. NSE Nifty surged 121.65 points or 1.03 per cent to 11,889.40.
In forward market, premium for dollar continued to fall due to persistent receivings from exporters.
Weakness of dollar in the global markets and foreign capital outflows also affected the rupee sentiment.
The rupee fell to more than one-month low of 65.75 against the US dollar on Thursday.
The rupee had gained by 50 paise or 0.75 per cent in two weeks.
The dollar index was down 0.01 per cent at 95.86 against a basket of six currencies in early trade
The Indian rupee was off to a bad start in the new year as it suffered the worst single-day drop in over two weeks today by falling 32 paise to end at 63.35 against the US dollar.
Forex market was shut on Tuesday on account of 'Mahavir Jayanti'.
A lower opening at the domestic equity market and the dollar's rise against other major currencies overseas also put pressure on the rupee, dealers said.
Reliance Industries Ltd (RIL) was the star performer in Friday's session, spurting over 6 per cent to its all-time high, Other Sensex gainers included Bajaj Finance, PowerGrid, ICICI Bank, Maruti, Axis Bank and SBI. On the other hand, IndusInd Bank, HCL Tech, ITC, M&M HDFC and Infosys shed up to 2.94 per cent.
Lacklustre domestic equities alongside ongoing FCNR redemptions added pressure on the local currency
The Bank of India has decided to hike the interest rates on foreign currency non-resident deposits denominated in dollar, sterling pound and euro from July 9, 2003.
Sensex ended at 17,279 up 94 points or 0.55%
India's gold reserves were also up by $297.7 million to $19.33 billion
On the Sensex chart, Axis Bank, Titan, IndusInd Bank, HDFC Bank, Dr Reddy's, HDFC and Asian Paint were major losers.
Late selling in realty, PSU and infrastructure stocks mainly dragged the market from early highs.
