The rupee on Monday tumbled against the US currency on a fresh wave of all-round dollar short-covering by banks, corporates and importers in the fairly active trade at the Interbank foreign exchange market.
The rupee is expected to become more jittery and choppy in the near-term
This is the highest closing level since May 11, 2016 when the rupee had finished at 66.56
Dollar gained against major currencies overseas.
Robust foreign capital inflows into upbeat domestic equity markets on the back of better macro fundamentals helped the rupee to gain
The dollar maintained its bullish momentum in Asian and early European trade
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.
The Rupee is seen strengthening against the dollar.
The rupee continued to rule firm against the dollar for the second consecutive day.
Investors are keenly awaiting the announcement of the macroeconomic data-IIP and CPI due on Tuesday.
Robust capital inflows alongside a slightly weaker greenback too reinforced the dominance of the home currency
Markets ended in red, index heavyweights drag.
Persistent foreign capital inflows also boosted sentiment.
The rupee declined marginally by 3 paise to 66.03 per dollar on fresh demand for the US currency from banks and importers.
Spurting by a whopping 21 paise, the rupee scaled a fresh over 50-1/2-month closing peak at Rs 43.53/54 per dollar on Wednesday.
However, the hefty initial gains of the rupee, which had jumped to 61.05 intra-day, were substantially erased on month-end demand for US dollars from private oil firms and some defence-related purchases, amid fall in domestic stocks.
The rupee added another 8 paise to end at 61.23 against the dollar, the highest level in more than two weeks, as the US currency traded stable ahead of the outcome of Federal Reserve's meeting today and as domestic shares surged to a record.
The domestic currency has gained by four paise or 0.06 per cent in two days.
RBI fixed the reference rate for the dollar at 66.2930 and euro at 74.8978.
The Fed's decision on tapering its monthly $85 billion bond-buying programme is expected later on Wednesday.
The rupee had slumped to its all-time closing low of 68.80 a dollar on August 28, 2013.
The rupee extended gains for the second straight session against the US currency by firming up 21 paise to close at 64.82 a dollar.
Sharp fall in domestic stock market also affected the rupee sentiment.
A strengthening dollar overseas also kept the rupee under pressure amid demand from importers. Goldman Sachs followed JP Morgan, HSBC and Nomura in cutting India's economic growth forecast and also said it expects the rupee to touch 72 against the dollar in the next six months.
The rupee showed range-bound movement on Wednesday as investors preferred to stay cautious in the unsure market.
Unwinding of long dollar positions ahead of the US job data backed the rupee sentiment
The rupee continued to slide against the pound sterling and finished at 102.64 as against 102.25 previously.
Increased month-end demand for the US currency from importers put pressure on the rupee
The domestic currency has dropped 40 paise or 0.60 per cent in two days
The rupee on Tuesday fell by 25 paise to 65.05 on fresh dollar demand from banks and importers despite persistent foreign capital inflows.
The rupee had recovered by 8 paise to close at 66.91 in Tuesday's trade.
At the Interbank Foreign Exchange market, the domestic unit commenced higher at 61.80 a dollar from previous close of 61.92.
The rupee rallied smartly against the US currency and scaled a new 27-1/2-month closing peak of Rs 46.5350/5450 per dollar on Thursday.
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
India's foreign exchange reserves declined by a whopping $4.343 billion to $367.646 billion.
The domestic unit moved in a range of 64.14 and 63.99.
The American currency regained its buoyant strength after a brief sideways movement following overnight US Fed's optimistic tone about the future of the US economy
The rupee hit a near 10-month high as an alliance led by pro-reform and business friendly Hindu nationalist Narendra was on course for an absolute majority.
Rupee is under pressure against the dollar say currency watchers.
Bullish dollar sentiment overseas alongside sluggish domestic equity market predominantly impacted the domestic currency
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