The rupee recovered by three paise to close at 67.65 on fresh selling of dollars by banks and exporters amidst a recovery in equities.
The rupee has dropped by 83 paise or 1.24 per cent in three days
Persistent fall in crude oil prices affected the market sentiment
Sustained dollar unwinding from exporters and banks amid weak overseas trend gave a boost to the rupee
On Friday, the rupee had gained 9 paise to close at a fresh one-week high of 67.08.
Adequate dollar supply gave a boost to the local currency
Falling for the fourth day in succession, the rupee today dipped by 23 paise to close at nearly three-week low of 59.38 against the dollar amidst the RBI announcing an SLR cut that is expected to release nearly Rs 40,000 crore into markets.
In worldwide trade, the US dollar retreated from its recent multi-year highs to trade subdued against major rival currencies
The rupee on Monday ended lower by 23 paise to close at an over two-week low of 67.31 against the US currency.
The domestic currency has dropped by 62 paise or 0.93 per cent in four trading days.
Heavy selling of the US dollar by banks and exporters in the face of renewed capital inflows predominantly kept sentiment highly buoyant
Persistent foreign capital inflows also boosted sentiment.
Fresh foreign capital outflows also affected the rupee sentiment, a forex dealer said.
The gains were capped due to month-end dollar demand from importers, mainly oil firms
Bullish dollar sentiment overseas alongside sluggish domestic equity market predominantly impacted the domestic currency
The rupee had slumped to its all-time closing low of 68.80 a dollar on August 28, 2013.
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.
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The newly-appointed Governor Raghuram Rajan said on Wednesday Reserve Bank of India will offer a window to banks to swap the fresh FCNR-B dollar funds, mobilised for a minimum tenor of three years and over, at a fixed rate of 3.5 per cent per annum. According to Bank of America Merrill Lynch, "the move should fetch $8-10 billion", adding that the move would help in shifting rupee risks away from NRIs at a time of extreme volatility.
Banks and exporters preferred to reduce their dollar position in view of its weakness.
Finance Minister P Chidambaram on Monday said the currency will find its level as steps being taken by the government to contain fiscal and current account deficits will improve investor sentiments.
The rupee depreciated further by 7 paise to 65.12.
The rupee had gained by 50 paise or 0.75 per cent in two weeks.
Indian rupee appreciated by 35 paise to end at two-week high of 63.03 against the greenback.
The dollar gained against other currencies overseas.
There's sustained demand for the American currency from importers and banks
Markets ended in red, index heavyweights drag.
The rupee on Monday slipped by 5 paise to close at 63.57 per dollar on fresh demand for the American currency from banks.
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.
Move to shift powers from RBI without discussions baffles many
Reacting to market specific developments, the domestic unit touched a low of 66.74 in intra-day trade before concluding at 66.65.
Month end dollar demand from oil importers has forced rupee to trade weak.
The 30-share Sensex closed at 27,112 up by 481 points whereas the Nifty ended higher by 139 points at 8,115.
Since mid-July, the RBI has taken steps to tighten cash conditions, which have failed to support the rupee but sent bond yields surging, posing a fresh threat to the already cooling economy.
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