Forex: The Indian rupee recovered against US Dollar

Mumbai: The Indian rupee snapped its four-week losing streak by recovering 10 paise to end at 60.08 against the American currency on fresh selling of dollars by banks and exporters in view of good foreign capital inflows into equity market.

The rupee resumed higher at 60.10 per dollar as against the last weekend's level of 60.18 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to 60.05 per dollar before ending the week at 60.08 per dollar, showing a gain of 10 paise, or 0.17 per cent. It hovered in a range of 60.05 per dollar and 60.3850 during the week. It had lost 166 paise or 2.84 per cent in the previous four weeks. The benchmark S&P BSE-Sensex closed the week slightly lower by 5.59 points or 0.02 per cent.

Pramit Brahmbhatt, Veracity Group CEO, said," The rupee traded sideways throughout the week though eventually it appreciated slightly to end the week. After falling for four weeks, the rupee traded strong as FIIs were the net buyers of the shares worth Rs 162 crores till Thursday which helped Rupee to trade slightly strong." "The rupee gain was capped as local equities continued to trade weak for the third week in a row taking cues from growing tensions in Iraq. Now Investors are waiting for the budget, scheduled on 10th July which will show the road ahead to the Indian markets".