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Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to close at 67.01 due to fag—end dollar selling by banks and exporters in view of weakness in the greenback overseas amid persistent rise in equities.

The rupee resumed lower at 67.10 as against the yesterday’s closing of 67.07 at the Interbank Foreign Exchange market and dropped further to 67.1525 on initial dollar demand from importers owing to higher crude oil prices in the global market.

However, the domestic currency recovered afterwards to 66.9850 on selling of the American currency by banks and exporters due to weakness of dollar in the global market before closing at 67.01, showing a gain of 6 paise, or 0.09 per cent.

The domestic unit hovered in the range of 66.9850—67.1525 per dollar during the day.

The dollar index was trading up by 0.21 per cent against a basket of six currencies in the afternoon trade.

In the overseas market, the dollar was flat against the yen and euro during range—bound trade today, with its upside weighed down by position adjustment ahead of the three—day weekend in the US.

Earlier, the US dollar fell to near a one—week low against a basket of currencies, after upbeat US economic data failed to lift Treasury yields.

Meanwhile, crude futures made moderate gains today as larger—than—expected growth in US crude stocks and production was overshadowed by news that the Organisation of the Petroleum Exporting Countries could consider extending its production cuts for more months.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD 53.43 a barrel, up USD 0.07 in the Globex electronic session.

April Brent crude on London’s ICE Futures exchange rose USD 0.10 to USD 55.75 a barrel.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 215.69 crore yesterday, provisional data showed.

Meanwhile, the benchmark Sensex gained by 167.48 points or 0.59 per cent to close at 28,468.75 today.

In forward market today, premium for dollar firmed up on fresh paying pressure from corporates.

The benchmark six—month premium payable in July rose to 144—146 paise from its previous level of 143—145 and far forward January 2018 contract also moved up to 296—298 paise from Thursday’s closing level of 294—296.

The RBI fixed the reference rate for the dollar at 67.0467 and for the euro at 71.5053.

In cross—currency trades, the rupee finished higher against the pound sterling at 83.15/17 from 83.84/86 but euro turned lower against the Euro to settle at 71.33/35 from 71.28/30.

The domestic currency dropped against the Japanese Yen to 59.34/36 per yen from 58.96/98 yesterday.

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