Rupee slips from two-week highs, ends at 60.12 vs US dollar

In contrast to rising equities, the rupee today retreated from nearly two-week highs and ended three paise lower at 60.12 against the Greenback on late dollar demand from importers.

The domestic currency also snapped its two-day upmove when it had gained 21 paise against the US currency.

At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 60.03 and improved further to almost two-week intra-day high of 59.98.

However, fag-end dollar demand from importers, mainly oil refiners, to meet their month-end requirements weighed on the rupee and it fell back to a low of 60.13 before settling at 60.12, a fall of three paise or 0.05 per cent.

The benchmark S&P BSE Sensex today gained 124.52 points, or 0.48 per cent, completing eight sessions of straight gains.

FIIs picked up shares worth Rs 652.40 crore yesterday, as per provisional data with stock exchanges.

The dollar index, a barometer of six major global rivals, was down 0.05 per cent.

Pramit Brahmbhatt, CEO, Veracity Group said: "Rupee continued to trade range bound and ended just below overnight close. Local equities continued its bull run and closed all time high which helped rupee to cap its fall. The trading range for the spot rupee is expected to be within 59.60 to 60.50.