The rupee on Monday failed to maintain initial gains and ended lower by five paise at 60.21 against the dollar on fag-end demand for the US currency from banks and importers.
In forward market today, premium for dollar declined on sustained receivings from exporters.
The rupee resumed higher at 67.77 per dollar as against last Friday's closing level of 67.78.
The report said the import cover has gone down to seven months, last seen in 1998 and hence, RBI will focus on recouping the reserves.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
Financial shares were the top losers.
Increased demand for the dollar from importers affected the value of the rupee
A weak dollar in overseas market boosted the rupee sentiment
The rupee appreciated by 37 paise to 62.12 against the dollar in early trade on Monday.
Firm equity market failed to restrict the rupee's fall against the dollar
Shares of most of the Adani group firms ended lower on Monday, with the group companies' combined mcap witnessing a sharp fall of Rs 9.5 lakh crore after US-based short-seller Hindenburg Research's adverse report.
It moved in a range of 66.9250 and 66.70 per dollar during the day
The rupee extended gains for the fourth straight day against the US currency on Thursday.
The local currency had shed 2 paise to close at 63.44 on Tuesday.
The interbank foreign exchange (forex), call money markets, cotton, metals, sugar and future trading in castor seeds will remained officially closed on Friday on the occasion of Ramnavami.\n\n\n\n
'She delivers on promises, especially on security issues which is a core concern for India.'
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
L&T was the top loser in the Sensex pack, dropping 4.99 per cent, after the engineering major posted a 45 per cent decline in consolidated net profit for the September quarter. Titan, ONGC, Axis Bank, HUL, NTPC, M&M and HDFC were the other major laggards, shedding up to 3.32 per cent. NSE Nifty fell 58.80 points or 0.50 per cent to 11,670.80.
Bajaj Auto was the top laggard in the Sensex pack, tumbling around 6 per cent, followed by M&M, Reliance Industries (RIL), Tata Steel, Tech Mahindra, SBI, Axis Bank and ICICI Bank. NSE Nifty tumbled 162.60 points or 1.36 per cent to 11,767.75.
The rupee had closed at 64.83 last Friday.
The report said that "we believe, institutions are more important than individuals" and ultimately what is important is the credibility and the independence of any institution and nothing else.
Corporate earnings in this quarter may take a hit on account of the equity exposure that companies may have taken following a bad quarter for the Indian markets, say market analysts.
Earlier, the rupee resumed slightly lower at 61.70 per dollar as against Tuesday's close of 61.69 at the Interbank Foreign Exchange market.
The rupee ended weaker against the greenback on domestic worries.
The RBI fixed the reference rate for the dollar at 63.8061 and for the euro at 69.6571.
The currency lost six paise on sustained dollar demand from importers.
The rupee closed almost flat at 65.76 against the US dollar on some demand for the American currency from banks.
The NSE Nifty ended 55.75 points, or 0.57 per cent, higher at 9,912.80 after moving between 9,925.75 and 9,882.
The dollar was weak against major world currencies.
Markets extended losses and were down 1.5% each in late noon trades with bank shares leading the decline after the RBI mooted extra provisioning and capital requirement for banks' exposure to companies with unhedged forex exchange positions.
Recovering from early losses, the rupee on Friday ended marginally higher at 64.81 against the US dollar.
Markets ended at record closing highs for the second day in a row on institutional buying.
The rupee fell because of fresh demand for dollar from importers.
ICICI Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Axis Bank, HDFC twins, SBI, L&T, ONGC and Infosys. On the other hand, Sun Pharma, Asian Paints, Nestle India, UltraTech Cement and HUL declined. NSE Nifty rose by 79.60 points or 0.67 per cent to 11,914.20.
Expectations of good foreign capital inflows into equity market in view of firm trend in the stock market also boosted the rupee value against the dollar.
Monday's morning trade sees increased selling of USD by exporters.
The rupee had shed 10 paise to close at 66.14.
The rupee depreciated 31 paise to an all-time low of 80.15 against the US dollar in early trade on Monday tracking the strength of the American currency and firm crude oil prices. At the interbank foreign exchange, the rupee opened at 80.10 against the dollar, then lost ground to quote at 80.15, registering a fall of 31 paise from the last close. On Friday, the rupee closed at 79.84 against the dollar.
The rupee closed at Rs 66.21 in its last trading session.
Reliance is in the market with a benchmark issue to sell 30-year US dollar-denominated Reg S fixed rate senior unsecured notes.
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