Rupee washes out initial losses against $, edges up two paise at close

Mumbai: The Indian rupee washed out initial losses against the greenback to edge up by two paise at 61.73 on fag-end selling of dollars by banks and exporters. [caption id=“attachment_2047885” align=“alignleft” width=“380”] Representational image. AFP[/caption] The rupee resumed lower at 61.87 per dollar as against the yesterday’s closing level of 61.75 per dollar at the Interbank Foreign Exchange (Forex) Market. It dropped further to 62.00 per dollar on firm dollar overseas. However, it gained lost ground and recovered to 61.70 per dollar before finishing a 61.73 per dollar, showing a gain of two paise or 0.03 percent from its previous close. The rupee had dropped by eight paise or 0.13 percent yesterday. The dollar index was down by 0.11 percent against a basket of major global rivals. The euro remained weak against rival currencies during the Asian session today. Streaks of renewed risk aversion after the European Central Bank’s stance on Greece brought the Euro down. Meanwhile, the Indian equity benchmark Sensex ended lower by 32.14 points, or 0.11 percent, at 28,850.97. The forward premia declined on fresh receipts of exporters. The benchmark six-month premium payable in July ended lower at 219-221 paise from 224-226 paise yesterday. Premium of forward contracts maturing in January 2016 also fell to 424-426 from 431.5-433.5 paise. The Reserve Bank of India fixed the reference rate for dollar at 61.8748 and for Euro at 70.1908. The rupee dropped further against the pound to 94.09 per pound from 93.79 per pound previously and recovered against the euro to 70.58 per euro from 70.64. It eased against the yen to 52.60 per 100 yen from 52.57 yesterday. PTI