The rupee declined for fourth day in a row by losing 16 paise to Rs 52.88 per dollar in early trade today, weighed down by dollar's gains overseas.
The rupee declined for fourth day in a row by losing 16 paise to Rs 52.88 per dollar in early trade today, weighed down by dollar's gains overseas.
The ICE dollar index, which measures the dollar against a basket of six currencies, traded at 79.522 from 79.595 in the previous session.
The rupee had edged up by 45 paise to close at an over five-month high of 52.40 against the dollar in the previous session on Monday on sustained capital inflows.
The rupee on Tuesday lost 11 paise to Rs 55.85 against the US dollar in early trade on the Interbank Foreign Exchange following dollar gains against other currencies overseas amid a weak trend in the equity market.
In New York, the dollar slipped against the euro and other major currencies yesterday after the US economic data boosted equities.
At the Interbank Foreign Exchange (Forex) market, the rupee resumed lower at 54.18 a dollar from previous close of 54.01.
At the Interbank Foreign Exchange (Forex) market, the rupee resumed sharply higher at 53.80 a dollar compared to last Friday's close of 54.30.
A sharp fall in dollar overseas, triggered by US Fed's overnight announcement of a fresh round of quantitative easing, and sustained capital inflows into stock markets helped rupee stay in green all through the session.
In New York market, the US dollar fell against the euro on Wednesday pushing the shared currency to its highest level in more than two months, after European Central Bank President Mario Draghi said the ECB is prepared to buy sovereign bonds of countries.
With local stock market displaying weak trends in the morning, the rupee touched over six-week low of 56.03 amid initial dollar demand from importers.
The rupee had lost 13 paise to close at 55.66 on Tuesday because of fag-end dollar demand from importers.
The rupee had ended marginally down by 1 paise at 55.63 against the dollar on alternate bouts of buying and selling amid a fag-end recovery in equities in yesterday's session.
At the Interbank Foreign Exchange market, rupee opened weak at 55.57 from last Friday's close of 55.50.
Continued dollar offloading by exporters and some banks on hopes further fall in dollar value overseas mainly supported the rupee.
The rupee on Thursday recovered by a hefty 60 paise to 53.24 against the US dollar in early trade on the Interbank Foreign Exchange market after the Reserve Bank tightened norms for utilisation of the foreign currency fixed deposit funds to check outflow of forex.
In last three days, the rupee has fallen over 40 paise.
FIIs pumped in nearly Rs 340 crore in stocks today as perprovisional data on stock exchanges.
FIIs bought stocks worth just Rs 83.16 crore as per provisional data.
It had strengthened by 45 paise on Tuesday to close at one-month high of 55.07 against the dollar, tracking a jump in local shares.
The rupee hovered in a range of 53.85-54.24 per US dollar during the day.
Forex dealers said a higher opening in the domestic stock market and euro's gain against the American currency as concerns over eurozone and the US eased, supported the rupee.
In addition, dollar's weakness against other currencies overseas also supported the rupee.
Tracking weak stock markets, the rupee today plunged by 65 paise to 55.97, its lowest closing in over three weeks, against dollar amid fresh Eurozone worries and month-end US currency demand from oil firms.
The dollar index was trading marginally higher by 0.06 per cent.
The rupee had ended 79 paise higher to close at 55.15 against the US currency in the previous session on Friday.
Forex dealers said a higher opening in the stock market also helped the local unit to recover after four sessions of losses.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
FIIs today pumped in Rs 591 crore in stocks, provisional data from stock exchanges showed.
The rupee on Monday rose by 5 paise to trade at 55.35 against the US dollar in early trade at the Interbank Foreign Exchange as the American currency weakened against euro overseas.
Loans make money for the lender in the initial years but losses come later when they turn bad.
Forex dealers said, however, a firm dollar capped rupee's rise to some extent.
The domestic currency had ended 12 paise lower at Rs 55.80 against the dollar in Thursday's trade on fresh dollar demand from banks and importers amid a rise in May inflation.
The rupee had ended higher by 12 paise at 55.68 against the dollar in the previous session on fag-end selling of dollars by banks and exporters amid euro gaining strength overseas.
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 resumed lower at 64.20 per dollar.
The rupee had hit a record low of 68.85 in August 2013.
Persistent selling of the American currency by exporters and bank supported the rupee
In the global market, dollar fell against most of its rivals on Monday.
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