Rupee ends steady at 67.48 per dollar

Recovering from early losses against the US currency, the rupee ended flat at 67.48 a dollar on fag-end selling of the greenback by banks and exporters in view of a weak dollar in overseas markets.
The currency market moved in tandem with polls around the UK's referendum on whether to stay in the European Union.
The rupee opened lower at 67.59 per dollar as against yesterday's closing level of 67.48 per dollar at the Interbank Foreign Exchange (Forex) market. It dropped further to 67.63 per dollar on initial dollar demand from banks and importers.
However, it washed out initial losses and recovered to 67.4325 per dollar on fag-end dollar selling before ending at 67.48 per dollar, showing no change from previous close.

The rupee hovered in a range of 67.4325 and 67.63 per dollar during the day.
The dollar index was trading down 0.26 per cent at against a basket of six currencies in the late afternoon trade.

The RBI fixed the reference rate for the dollar at 67.5570 and euro at 76.0354.
In cross-currency trades, the rupee recovered against the pound sterling to end at 99.09 from 99.47 yesterday and also recouped against the euro to 76.20 from 76.41.
Foreign institutional investors bought shares worth Rs
420.22 crore on Thursday as their buying spree continued for the ninth straight session.
In the forward market, premium for dollar remained sluggish owing to sustained receivings from exporters.

The benchmark six-month premium for December moved down to 174-176 paise from 175-177 paise and forward June 2017 contract also dropped to 371-373 paise from 374-376 paise earlier.
Meanwhile, stocks rebounded smartly after a brief overnight sell-off with the flagship Sensex surging by 92.72 points to close at 27,803.24, while broader Nifty jumped 31.10 points at 8,541.20.
In worldwide trade, the dollar traded marginally weak in the Asian session following reports that the Bank of Japan governor has ruled out helicopter money to ease Japan's economic woes despite expectations that Federal Reserve might rais interest rates this year against the backdrop of improving US economy.

The European Central Bank (ECB) late on Thursday decided to maintain its current interest rate level after the Eurozone was largely unaffected by the market shock emanating from the UK referendum.
Meanwhile, the flash PMIs for manufacturing and services out today suggest the UK economy has been hit hard by uncertainty following the EU referendum vote.
Oil prices traded marginally weak as investors reassessed US data on oil stocks and excesses in oil products in Europe and Asia and expectations that Iraq's oil exports are set to rise in July.