Forex: The rupee recovered moderately by six paise to two-week high

Forex: The rupee recovered moderately by six paise to two-week high at 67.02 against the American currency on fresh selling of dollars by banks and exporters in view of strong foreign capital inflows coupled with recovery in equity market.

A weak dollar in overseas market also boosted the rupee sentiment, a forex dealer said. Foreign portfolio investors (FPIs) and institutional investors (FIIs) pumped in USD 596.64 millions during the first four days of the week as per the SEBI's record.

The rupee resumed lower at 67.19 per dollar as against the last weekend's level of 67.08 per dollar at the Interbank Foreign Exchange (Forex) market and dropped further to 67.43 per dollar on month-end dollar demand from importers, mainly oil refiners.

However, it recovered afterwards to 66.9550 per dollar before closing at two-week high of 67.02 per dollar, showing a gain of six paise or 0.09 per cent on good foreign capital inflows.

The rupee had ended at 66.91 per dollar on July 14, 2016. The domestic currency hovered in a range of 66.9550 and 67.4300 per dollar during the week.

Meanwhile, the Indian benchmark Sensex recovered by 249 points to close at 28,051.86 and the NSE 50-share Nifty by 97 points to end at 8,638.50 on fresh buying and hopes that the Goods and Services Tax (GST) bill inched closer to become a reality.