Rupee up by 19 paise vs US dollar; logs longest winning streak since 2012
Mumbai: The Indian rupee on March 23, strengthened by 19 paise against US dollar in its sixth straight day of rise - its longest winning run since 2012 - to end at 62.27 on sustained selling of the greenback by banks and exporters amid foreign capital inflows. The rupee resumed slightly higher at 62.40 per dollar as against the last weekend's level of 62.46 per dollar at the Interbank Foreign Exchange (Forex) Market.
It then firmed up further to 62.24 per dollar before ending at 62.27 per dollar, showing a gain of 19 paise or 0.30 per cent. It has gained 70 paise, or 1.11 per cent, in six successive trading sessions. This is its longest winning streak since 2012. Banks and exporters preferred to reduce their dollar position in view of good foreign capital inflows into equity market, said forex brokers, adding that the US currency's weakness has also helped the rupee sentiment.
To deepen markets and help raise funds for business and infrastructure projects, capital markets regulator SEBI has announced a slew of measures including for listing of municipal bonds and for setting up of a global financial hub within India on the lines of Singapore and Dubai. Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 354.59 crore last Friday, as per provisional data. In the Asian market, the dollar was down slightly in a range bound Asia trade on Monday amid lack of fresh cues.
The dollar index, a gauge of six major global rivals, was down by 0.14 per cent on March 23. "The Dollar continues to weaken on Monday. The Euro remains flat to positive against the Dollar as markets await European Central Bank President Mario Draghi's address in which he likely to comment on Greeces debt crisis and the progress of the ECB's ongoing bond-purchase programme," said Suresh Nair, Director, Admisi Forex India Pvt Ltd. In the New York Market, the dollar finished the week about 1.5 per cent lower against the Euro on last Friday, snapping three weeks of gains.
