Rupee logs 4-week closing high of 60.43 vs dollar, up 13 paise

Benchmark S&P BSE Sensex today moved side-ways and ended up by a mere 5.79 points logging a new closing peak

The Indian rupee today appreciated by 13 paise to end at nearly four-week high of 60.43 against the American currency following fresh dollar selling by exporters and sustained investments by foreign funds.

However, some hesitancy in local equities and weak dollar overseas kept the rupee in a tight range.

The rupee resumed better at 60.53 a dollar from overnight close of 60.56 at the Interbank Foreign Exchange (Forex) market and declined further to a low of 60.5550.

However, it rebounded later to settle at the day's high of 60.43, showing a rise of 13 paise or 0.21%. This is higher than 60.06 on July 30, 2014.

Yesterday, it had fallen by nine paise or 0.15%.

The benchmark S&P BSE Sensex today moved side-ways and ended up by a mere 5.79 points logging a new closing peak.

Foreign Portfolio Investors (FPIs) infused Rs 127.33 crore yesterday, as per provisional data.

The dollar index, a gauge of six major global rivals, was down by 0.07%.

"Local equities opened weak but as the day progressed it recovered and ended near yesterday's close, helping rupee to appreciate for the day. Dollar index rally slowed down today which further supported the rupee movement.

"The trading range for the spot rupee is expected to be within 60.00 to 60.80," said Pramit Brahmbhatt, Veracity Group CEO.