The Indian rupee continued its downward march and fell by another 48 paise to 46.53 against the US dollar in early trade on Tuesday owing to melting Asian stock markets amid heavy demand for the greenback.
This is rupee's lowest since 62.32 on January 9.
Despite a heavy battering, the rupee on Tuesday made a smart recovery to close at 63.25 after hitting a fresh low of 64.13 against the US dollar, helped by RBI's massive intervention.
The local currency had gained 10 paise to close at 63.51.
Fresh dollar selling by exporters on hopes of fall in the USD after downward revision to that country's first quarter GDP growth also helped rupee recover as hopes surfaced that the Fed may delay the plan to taper of monetary stimulus.
The Rupee is likely to recover during day trad, say currency watchers.
Forex dealers said weakness in local equities and a firm dollar overseas against other currencies also weighed on the rupee.
Indian stocks and the rupee have benefitted from dollar liquidity induced by the US Fed stimulus.
The markets had touched their highest levels in a month.
Due to weakness in domestic equities and strong dollar demand, rupee shed its month and a half high against follar.
Strengthening of euro against the dollar in overseas market and a higher opening in the equity market supported the rupee.
Bearish domestic equities restricted the rupee rise.
The local currency had lost 16 paise to close at 54.17 on Monday due to fresh dollar demand from importers and some banks.
Forex dealers said euro's gains against the American currency in the overseas market also supported the rupee.
Extending losses for the third straight session, the rupee today lost 28 paise to end at an over one-week low of 53.50, due to sustained dollar demand from importers amid sluggish local stocks.
Erasing early gains, the rupee on Thursday closed six paise lower at 53.22 due to sustained dollar demand after government estimates pegged ongoing fiscal's GDP growth at a decade low of five per cent.
This is the second biggest rise since September 21 last year, when rupee had gained by 93 paise, or 1.71 per cent.
Forex dealers said a firm rise in local equities and sluggish dollar overseas also boosted the sentiment in rupee's favour.
Forex dealers said firm local equities, signs of consistent capital inflows and sustained dollar selling by exporters also boosted the rupee sentiment.
The rupee strengthened by 36 paise to 54.48 against the US dollar in early trade today at the Interbank Foreign Exchange on selling of American currency by exporters and banks.
Dealers said firm local equities amid sustained capital inflows limited the rupee's fall.
The rupee had lost 52 paise to close at 54.08 against the dollar on Tuesday on heavy month-end dollar demand from importers and corporates.
The rupee on Monday appreciated by 9 paise to 53.75 against the US dollar in early trade at the Interbank Foreign Exchange on selling of the American currency by exporters and banks.
Forex dealer said increased demand for the American currency from oil importers and dollar's gains against other currencies overseas mainly put pressure on the local unit.
The rupee also recouped against the pound sterling to end at 85.01 from overnight close of 85.15 and also rebounded against the Japanese yen to 67.04 per 100 yen from 67.38.
The rupee has lost 23 paise or 0.35 per cent in two days.
It touched a low of 53.16 on continued dollar demand from importers and some weakness in stocks in the initial stage.
Forex experts said the dollar index, a gauge of six major global rivals, was marginally up ahead of US non-farm payroll data later in the evening while New York crude oil was quoting below USD 91 a barrel in Europe today.
The rupee had lost 8 paise to end at 55.44 against the dollar in Monday's session on fresh dollar demand from importers.
Some weakness in the local stock market amid a rising trend pared rupee's early gains, forex dealers said.
Continued dollar selling by exporters and some banks on hopes of further fall in dollar value overseas also aided the rupee rise.
The rupee rose by 7 paise to Rs 55.68 against the US dollar in early trade today on the Interbank Foreign Exchange as the American currency weakened against euro overseas.
The rupee fell by 34 paise to 55.99 against the US dollar in early trade at the Interbank Foreign Exchange market today as the American currency gained against other currencies overseas.
Forex dealers said dollar selling by exporters and a higher opening in the equity market also supported the rupee.
The rupee on Thursday lost 25 paise to 55.72 against the US dollar in early trade at the InterbankForeign Exchange market as the American currency gained strength against other currencies overseas.
In the last four days, rupee has lost 104 paise against the dollar.
The domestic currency has fallen past the 56-level against the dollar after June 29.
The dollar strengthened against other currencies as well in the overseas market.
The domestic currency had lost 44 paise in the previous two days.
The rupee on Tuesday rose by 11 paise to 56.90 against the US dollar in early trade at the Interbank Foreign Exchange market as the American currency weakened against euro and other currencies overseas.
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