Re surrenders early gain;ends 3 paise lower at 60.14 Vs dollar

The rupee surrendered all its early gains recorded in sync with surge local equities to end the day 3 paise lower at 60.14 against the dollar due to late demand for the US currency from importers.
The fall in the rupee was capped on persistent capital inflows in record making domestic stocks, a forex dealer said.
At the Interbank Foreign Exchange (forex) market, the local unit commenced strong at 59.82 a dollar from previous close of 60.11 and improved further to a high of 59.80 with domestic bourses recording smart gains.
But emergence of dollar demand after mid-session pulled it down to a low of 60.16 before settling at 60.14, a fall of 3 paise from its previous close.

Meanwhile, The benchmark BSE Sensex shot up by 358.89 points -biggest gain in a month- to log its new closing peak of 22,702.34.
Foreign institutional investors (FIIs) injected Rs 703.71 crore on Monday, as per provisional data with bourses.

The dollar index was up by 0.02 per cent against a basket of six major global currencies.
The benchmark six-month premium payable in September fell to 241.5-243.5 paise from 242.5-244.5 paise last Monday. Far forward contracts maturing in March, 2015 also moved down to 490-492 paise from 492-494 paise.
The Reserve Bank of India fixed the reference rate for dollar at 60.07 and for the euro at 82.78.

The rupee dipped further against the pound to 100.67 from 99.69 previously. It also remained weak to end at 58.94 per 100 Japanese yen from 58.22. It declined to 82.96 per euro from 82.53.