Rupee falls 4 paise to close at 79.56 against dollar
The Hindu
On Tuesday, the rupee had finished at a nearly two-week high of 79.52.
The rupee declined by 4 paise to close at 79.56 (provisional) against the U.S. dollar on Thursday due to a stronger dollar in the global markets and losses in the domestic equity markets.
At the interbank foreign exchange market, the domestic currency opened at 79.55 per dollar. It hovered in a range of 79.30 to 79.66 during the session.
The domestic unit finally settled at 79.56, down 4 paise over its previous close.
On Tuesday, the rupee had finished at a nearly two-week high of 79.52. The domestic forex market was closed on Wednesday on account of Ganesh Chaturthi.
"The Indian Rupee outperformed among Asian peers following lower crude oil prices and exporters selling dollars. The news of Russia considering buying as much as $70 billion in yuan and other 'friendly' currencies for reserves this year, also supported Asian Currencies," said Dilip Parmar, Research Analyst, HDFC Securities.
In the near-term, spot USDINR is expected to trade in the range of 78.85 to 79.90, Mr. Parmar added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.20% higher at 108.92.