Rupee snaps 2-day losing string, up a paisa to 54.36

Snapping its two-day of losing string, the rupee today edged up by a paisa to end at 54.36 against the Greenback on late dollar selling by exporters amid weak USD overseas.
However, bearish domestic equities restricted the rupee rise, a forex dealer said.
The rupee started lower at 54.54 a dollar from previous close of 54.37 and declined further to a low of 54.56 at the Interbank Foreign Exchange (Forex) market on continued dollar demand from importers at early stages and hesitance in local equities on political uncertainty.
The DMK had yesterday withdrew support to Congress-led UPA government and today handed over five ministers resignation to the Prime Minister.

The domestic currency later bounced back on dollar selling by exporters after morning session and fall in dollar in global markets to a high of 54.26 before closing at 54.36, a net rise of one paisa. In last two days, it had depreciated by 36 paise or 0.67 pct.
The BSE benchmark index Sensex closed below the key 19,000 level for the first time in three weeks, stretching losses for the fourth straight day. The FIIs injected Rs 62.63 crore yesterday, as per provisional data with stock exchanges.
The dollar index, a measure of six major global units, was down by 0.25 per cent ahead of the policy meeting at the US Federal Reserve.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said,"The rupee traded weak in first session. But in the second session it traded strong. Expect USDINR to trade between 54.25 and 54.75. The dollar traded weak against most of the currency mainly after the Cypriot parliament rejected a bailout proposal and ahead of a policy meeting at the US Federal Reserve.