 "Rupee breaches 65-mark, plunges 44 paise")
The rupee on Tuesday fell by 44 paise to close at 65.19 against the US currency on persistent dollar demand from banks and importers amid lower greenback in the overseas market. The rupee resumed lower at 64.88 a dollar against Monday's level of 64.75 at the interbank foreign exchange market. It hovered in a range of 64.85 and 65.19 a dollar during the day before ending at 65.19, showing a loss of 44 paise.
The dollar index traded lower by 0.07 per cent against a basket of six currencies. The yield on local sovereign bonds due May 2025 fell two basis points to 7.56 per cent, according to prices from the Reserve Bank of India (RBI)'s trading system. The government is said to have sold all of the Rs 5,600 crore ($861.7 million) of debt quotas to foreign investors on Monday, enabling them to buy more of the nation's sovereign notes, people familiar with the matter said, asking not to be identified as they aren't authorised to speak to the media.
Pramit Brahmbhatt, Veracity Group CEO, said, "Today also the rupee depreciated over 40 paise for the day to close at 65.19 taking cues from weakness in local equities as investors continued to stay away from the uncertain market. "Also the sustained dollar demand from oil importers further forced rupee to depreciate over half per cent for the day."
The trading range for the spot $ vs Rs pair is expected to be within 64.70 and 65.70.
The dollar index traded lower by 0.07 per cent against a basket of six currencies. The yield on local sovereign bonds due May 2025 fell two basis points to 7.56 per cent, according to prices from the Reserve Bank of India (RBI)'s trading system. The government is said to have sold all of the Rs 5,600 crore ($861.7 million) of debt quotas to foreign investors on Monday, enabling them to buy more of the nation's sovereign notes, people familiar with the matter said, asking not to be identified as they aren't authorised to speak to the media.
Pramit Brahmbhatt, Veracity Group CEO, said, "Today also the rupee depreciated over 40 paise for the day to close at 65.19 taking cues from weakness in local equities as investors continued to stay away from the uncertain market. "Also the sustained dollar demand from oil importers further forced rupee to depreciate over half per cent for the day."
The trading range for the spot $ vs Rs pair is expected to be within 64.70 and 65.70.