Lower dollar in the overseas market also boosted the rupee value
The home currency failed to keep momentum going and largely traded in a narrow range with positive bias in the absence of any market moving factors
The rupee depreciated by 19 paise to trade at almost seven-month low of 61.94 against the US currency in early trade today at the Interbank Foreign Exchange on capital outflows amidst the dollar's gain against other currencies overseas.
This is its lowest level since August 30
Increased demand for the dollar from importers affected the value of the rupee
At the Interbank Foreign Exchange market, the domestic currency resumed stable at its overnight close of 60.07 a dollar and immediately touched a low of 60.09.
Heavy unwinding by foreign portfolio investors and lacklustre equities dampened the sentiment
In cross-currency trades, the rupee recovered sharply against the pound sterling to finish at 93.13.
The rupee showed range-bound movement on Wednesday as investors preferred to stay cautious in the unsure market.
The rupee continued to slide against the pound sterling and finished at 102.64 as against 102.25 previously.
The rupee has lost 37 paise or 0.55 per cent in two days.
The demand for the US currency from importers outweighed capital inflows and firm local equities.
In the forward market, the premium for dollar moved up on fresh paying pressure corporates.
The rupee had dropped by 18 paise to end at 66.40
India's sad export figure put pressure on the rupee
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Fag-end dollar selling by exporters helped the rupee to recover lost ground and settle at the day's high of 60.77, a gain of 11 paise. The rupee earlier touched an intra-day low of 61.21 on July 8.
The steep fall in rupee came on a day when the Reserve Bank of India in its first quarter review of monetary policy kept the all key rates unchanged but cut the gross domestic growth forecast to 5.5 per cent for FY'14 from 5.7 per cent earlier.
Forex dealers said weakness in local equities cast a shadow on the rupee. Dollar losing in overseas markets didn't impact the fall of the local currency, they added.
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Snapping a two-day fall, the rupee opened strong at 59.49 a dollar from the previous close of 59.76 at the Interbank Foreign Exchange Market and then touched a low of 59.59.
The rupee on Thursday appreciated 20 paise to end at 62.37, its highest in two weeks, on positive trends in local equities and fresh dollar selling by exporters.
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The rupee bounced back from a one-month low to post its first gain in the New Year, rising 10 paise to close at 62.16 against the dollar after the RBI was said to have sold the US currency.
The domestic currency has dropped 40 paise or 0.60 per cent in two days
Weakness in dollar in the overseas market also boosted the rupee value
Sluggish domestic equities and persistent capital outflows largely pressurised the Indian unit
A massive outflows of foreign funds on the back of stricter participatory notes and renewed possibility of Fed lifting US interest rates largely impacted the domestic unit.
The rupee gained for the second day, adding 32 paise to close at a fresh two-month high of 61.07 against the dollar amid a rise in local equities and sustained capital inflows.
Fresh dollar demand from banks and importers amidst volatile equities triggered the fall
Consistent capital inflows and a recovery in local equities helped the local unit to trim initial losses
The domestic currency tumbled by 45 paise or 0.68 per cent in two days.
The rupee recovered 14 paise to 66.40 against the dollar in early trade on Monday.
The Indian unit opened higher at 66.10 per dollar as against overnight level of 66.30 at the Interbank Foreign Exchange market and firmed up further to 66.04 on initial dollar selling.
However, FII outflows of Rs 545 crore (Rs 5.45 billion) capped the gains in the rupee, which had slumped by 126 paise in past two days.
The Indian unit opened sharply higher at 64.80 as against Wednesday's closing level of 65.12.
Banks and exporters preferred to reduce their dollar position in view of its weakness.
Forex traders said a stronger dollar also dragged the rupee down.
A weak US dollar in overseas markets was the main reason for the rupee's rise even as losses in domestic stocks and some fag-end dollar demand from importers prevented further gains
Extending losses for the second straight day, the rupee declined by 11 paise to close at more than 3-week low of 66.93 against the US dollar.
A weak dollar sentiment across the board alongside unwinding of long positions by speculative traders ahead of key US macro data release largely supported the rupee
The rupee recovered by 11 paise to trade at 60.84 against the US dollar in early trade today on selling of the American currency by banks and exporters.
The dollar index was trading higher by 0.06 per cent against its major global rivals today.
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