ALSO READRupee near 21-month high; trades at 64.07 against US dollar Forex reserves down $443.6 mn to $375.27 bn due to fall in currency assets Rupee retreats from 17-month high, down 14 paise against dollar to 65.44 Rupee zooms 25 paise to 64.38 against US dollar, biggest gain in 4 weeks Rupee at 21-month high of 64.05 against dollar on robust macro data
Recuperating from on Thursday's rout, the rupee on Friday gained 20 paise to close at 64.64 a dollar, also its first rise in past four sessions, on fresh selling of the American currency by banks and exporters. The domestic currency, however, earlier fell into the 65 territory, though briefly, during the intra-day trade on Firday.
It revisited the 65-level after about one-and-a-half month.The rupee last touched 65.06 level on April 6, 2017. It opened higher at 64.78 a dollar as against the yesterday's closing level of 64.84 at the forex market and dropped further to 65.02 before ending at 64.64, a gain of 20 paise or 0.31 per cent. The domestic currency hovered in a range of 65.02 and 64.5950 per dollar during the day. The rupee had dropped 79 paise, or 1.23 per cent, in the previous three days. The domestic currency had seen its worst day in over 10 months yesterday when it plunged by 69 paise to close at 64.84 amid global political turmoil. Today, hopes of foreign capital inflows into equity market boosted the rupee value against the dollar, a forex dealer said. The dollar index was down 0.44 per cent against a basket of six global currencies in the afternoon trade. Overseas, the dollar traded above six-month lows against a basket of six major peers today, having gained some reprieve as solid US economic data helped temper a sell-off triggered by political tumult in Washington. The British pound and the euro moved higher on Friday in the global market, as the dollar eroded some gains amid ongoing uncertainty surrounding US politics. The RBI, meanwhile, fixed the reference rate for the dollar at 64.9906 and for the euro at 72.2955. In cross-currency trades, the rupee recovered against pound sterling to finish at 84.09 from 84.49 on Thursday while dropped further against the euro to close at 72.21 from 72.15. It recovered against the Japanese yen to end at 58.03 per 100 yens from 58.54 per 100 yens on Thursday. In forward market today, premium for dollar dropped further on persistent receivings from exporters. The benchmark six-month premium payable in October fell to 138-1/2-140-1/2 paise from 141-142 paise yesterday and the far forward April 2018 contract also declined to 290-292 from 293-295 paise. Meanwhile, the benchmark Sensex fizzled out the initial record highs on GST euphoria to settle marginally higher at 30.13 points to 30,464.92, while the broader Nifty ended almost flat, losing nearly 2 points.