Mumbai: In a mixed pattern of trading, the Indian rupee broke its two-week of losing spree and appreciated by 14 paise to settle the shortened week at 63.42 against the Greenback following fresh dollar selling by exporters and some banks on the back of weak USD overseas. The Forex market was closed on Friday, May 1, 2015, on account of "Maharashtra Day".
Sluggish local equities amid heavy offloading by foreign portfolio investors (FPIs) mainly put pressure on the rupee value, a forex dealer said. The benchmark S&P BSE Sensex plunged by 426.63 points or 1.55 per cent, taking a total fall of over 1,868 points or 6.47 per cent in the straight three week.
FPIs pulled out USD 610.63 million during the first three days of the week, as per SEBI data. The rupee commenced weak at 63.70 a dollar from last weekend's close of 63.56 at the Interbank Foreign Exchange (Forex) market but immediately touched a four-month intra-day low of 63.77 a dollar -level not seen when it had logged an intra-trade low of 63.79 on December 30, 2014-on heavy dollar demand from importers, mainly oil refiners, to meet their month-end requirements.
Later, it bounced back to a high of 63.11 before giving some ground to settle lower at 63.42, still showing a rise of 14 paise or 0.22 per cent. In last two-week, it had fallen by 125 paise or 2.01 per cent. In overseas market, the dollar showed weak trend on renewed concerns over the US economy after the Federal Reserve left open the chance of an inter-rate hike as early as June.
