 "Rupee loses 15 paise against dollar")
Breaking four straight sessions of gain, the rupee on Thursday dropped 15 paise to close at 60.32 against the dollar due to demand for the US currency from banks and importers. The Reserve Bank of India's suspected intervention in the forex market by way of dollar purchasing also weakened the rupee.
"Nationalised banks were buying dollars today (Thursday), so it is suspected that it was on RBI's behalf. The RBI has been buying dollars for the past two-three days to shore up the forex reserves," said Agam Gupta, managing director and head of fixed income trading, Standard Chartered Bank. The greenback was trading higher in overseas markets. The dollar index was up 0.15 per cent against a basket of six major global units.
A forex dealer said the rupee's fall was restricted to a major extent by sustained fund inflows to equities.
Meanwhile, The benchmark BSE Sensex today spurted by over 119 points or 0.54 per cent to a new closing peak.
As per Sebi data, FIIs picked up shares worth $171.04 million yesterday. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, "Rupee traded range bound today and ended lower as month-end dollar demand from oil importers nullified the effect of equity markets which posted the new all time high."
"Nationalised banks were buying dollars today (Thursday), so it is suspected that it was on RBI's behalf. The RBI has been buying dollars for the past two-three days to shore up the forex reserves," said Agam Gupta, managing director and head of fixed income trading, Standard Chartered Bank. The greenback was trading higher in overseas markets. The dollar index was up 0.15 per cent against a basket of six major global units.
A forex dealer said the rupee's fall was restricted to a major extent by sustained fund inflows to equities.
Meanwhile, The benchmark BSE Sensex today spurted by over 119 points or 0.54 per cent to a new closing peak.
As per Sebi data, FIIs picked up shares worth $171.04 million yesterday. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, "Rupee traded range bound today and ended lower as month-end dollar demand from oil importers nullified the effect of equity markets which posted the new all time high."