Rupee recovers 6 paise to 67.01 against dollar

The rupee today recovered some lost ground by rising 6 paise to close at 67.01 due to fag-end dollar selling by banks and exporters in view of weakness in the greenback overseas amid persistent rise in equities.
The rupee resumed lower at 67.10 as against the yesterday's closing of 67.07 at the Interbank Foreign Exchange market and dropped further to 67.1525 on initial dollar demand from importers owing to higher crude oil prices in the global market.
However, the domestic currency recovered afterwards to 66.9850 on selling of the American currency by banks and exporters due to weakness of dollar in the global market before closing at 67.01, showing a gain of 6 paise, or 0.09 per cent.

The domestic unit hovered in the range of 66.9850-67.1525 per dollar during the day.
The dollar index was trading up by 0.21 per cent against a basket of six currencies in the afternoon trade.
In the overseas market, the dollar was flat against the yen and euro during range-bound trade today, with its upside weighed down by position adjustment ahead of the three-day weekend in the US.

Meanwhile, domestic equities finished modestly higher
mainly led by frontline FMCG stocks after the GST Council approved the final draft of central GST (C-GST) and integrated GST (I-GST) laws at its last meeting.

The BSE Sensex rose 63.14 points to end at 29,648.99, while broder Nifty closed at a record high of 9,160.05.
In the forward market, premium for dollar displayed a listless trade due to lack of market moving factors.
The benchmark six-month premium for August was quoted at 143.25-145 paise from 143-145 paise and the far-forward February 2018 contract softened to 296-297 paise from 296-298 paise on Thursday.
On the global commodity front, crude prices drifted after two-day surge on renewed concerns over the impact of OPEC production cuts against rising U.S. Shale oil output and persistently high inventories.