Rupee recovered by 32 paise to close at 63.81 per dollar
Forex: Rupee snapped 3-week losing streak against the US dollar, recovered by 32 paise to close at 63.81 per dollar on fresh selling by banks and exporters on the back of good foreign capital inflows into equity market. Foreign portfolio investors (FPIs) infused US dollar 278.32 millions during the first four days of the week as per the SEBI's record.
Rupee resumed higher at 64.01 per dollar as against the last weekend's level the Interbank Foreign Exchange (Forex) Market hovering in a range of 63.7100 and 64.1000 per dollar before finishing the week at 63.81, showing a gain of 32 paise or 0.50 per cent. It had dropped by 74 paise or 1.17 per cent in the previous three weeks. Dollar struggled in the Aisan markets with traders treading water as they waited for the top-tier non-farm pay-rolls report which may strengthen or weaken the case for a September rate hike.
Oil prices fell in Asia on persistent concerns of supply glut after the OPEC cartel's indication of not budging from its current lofty output levels, analysts said. The benchmark Sensex rose by 121.83 points or 0.43 per cent. Meanwhile, the Reserve Bank Of India kept its policy rates unchanged, with Governor Raghuram Rajan saying that the headline inflation is at elevated levels and banks are yet to pass on the full benefits of previous rate cuts.
