Forex dealers attributed the rupee's fall to increased demand for the US currency from importers
Weakness in the dollar against some currencies supported the rupee.
Bearish domestic equities restricted the rupee rise.
For the week, the battered rupee gained 26 paise against the greenback
Forex dealers said dollar's weakness against other currencies overseas supported the rupee.
Dollar's strength against some currencies overseas and firming crude oil prices also put pressure on the rupee, dealers said.
Yes Bank, Wipro, Kotak Bank, M&M, Sun Pharma, Maruti, HDFC, Hero MotoCorp, Infosys, TCS, L&T, Bajaj Auto and HUL were among the top gainers, rising up to 6 per cent.
Dealers said dollar slipped against the euro and yen after President Barack Obama was re-elected in a knife-edge US presidential election.
Fag-end selling of dollars by banks and exporters
Worst affected were the countries of euro zone, which saw a loss of $10.9 trn
Companies are focusing on building a larger market base through mass market or alternative product variants, shedding premium tags for technically advanced products, providing cost efficient solutions and exploring synergies to match the ever decreasing customer threshold for consumption against the grim economic background.
In the global market, the US dollar index, which tracks the greenback against a basket of six major rivals, was up by 0.33 per cent.
The domestic currency has already dropped 44 paise, or 0.67 per cent, in the previous two sessions.
The rupee had plunged to close at its fresh two-year low of 66.84 against the dollar by falling 11 paise in Tuesday's trade.
Forex dealers said apart from month-end demand for the American currency from importers, dollar's gains against other currencies overseas amid US data showing more-than-expected economic growth in the second quarter also put pressure on the local unit.
Heavy unwinding by foreign portfolio investors and lacklustre equities dampened the sentiment
A massive rally in domestic equities along with smooth supply of dollars on the back sustained capital inflows into equities and debt predominantly helped the upmove
Several stocks cheaper in dollar terms now than in March 2009 when Sensex was below 9,000; FIIs in Coal India IPO stare at losses.
The sharp and sudden fall in the exchange rate of the Indian currency in relation to the American greenback has taken many by surprise.
The dollar's strength against other currencies overseas limited the rupee's gain.
The rupee had edged higher by four paise to end at 61.51 against the American currency in yesterday's trade on fresh selling of dollars by banks and exporters.
Sustained capital inflows supporting the rupee sentiment, a forex dealer said.
BSE market breadth was negative. Out of 2,884 stocks traded, 1,392 shares declined while 1,363 shares advanced.
Forex dealers said a slew of measures like plunging stock markets, dollar gaining strength against its rivals in the overseas market weighed against the local currency which lost a whopping 81 paise against the Greenback on Monday.
Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.
The rupee ended lower by 7 paise to 62.31 against the American currency on fresh dollar demand from banks.
The rupee continued to slide against the pound sterling and finished at 102.64 as against 102.25 previously.
While Sensex fell 14.4% since July 26, dollar investors lost 18.07%.
Robust foreign capital inflows into upbeat domestic equity markets on the back of better macro fundamentals helped the rupee to gain
The dollar index was trading marginally higher by 0.06 per cent.
Overseas, the US dollar hovered near a three-week low.
Noting that the United States economic recovery is still not strong enough, the Federal Reserve has said it would pursue with the proposed $600-billion government securities buyout plan.
Dealers have said the RBI may impose a separate window to oil companies to provide them with US dollars.
.jpg)
Demand for the dollar from importers weighed on the local currency.
Kotak Mahindra Bank was the biggest gainer on both the indices, ending nearly 9 per cent higher following reports that Warren Buffett's Berkshire Hathaway Inc was planning to pick up stake in the private sector lender.
Top gainers of the session included Bajaj Auto, Kotak Bank, M&M, Vedanta, IndusInd Bank, Asian Paints, HDFC Bank, Reliance Industries, HUL, HDFC, ITC, Tata Steel and Tata Motors, rallying up to 5 per cent.
The rupee ended marginally higher by two paise at 62.24 against the dollar on Wednesday.
While selling started in April, it has intensified this month, with FPIs pulling out $1.1 billion and $2.5 billion from equities and debt market, respectively
The rupee depreciated 20 paise to close at 63.84 in Monday's trade.
.jpg)
The rupee was last at 62.05/06 after gaining to as high 61.9650 against the dollar, its highest since Nov 19. It had closed at 62.44/45 on Friday.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances