Forex: The rupee ended higher by 7 paise against dollar

Forex: The rupee ended higher by 7 paise at 63.75 against the US dollar on fag-end selling pressure from banks and exporters on hopes of resumption of foreign capital inflows. The rupee resumed marginally higher at 63.80 per dollar as against the last weekend's level of 63.82 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 63.58 and 64.26 before ending at 63.75 per dollar, disclosing a gain of seven paise or 0.11 per cent.

It dropped to a fresh 20-month low of 64.26 intra-week against the American currency on fresh dollar demand from banks and importers. Hiren Dhakan, Associate Fund manager, Bonanza portfolio, said,"Indian Rupee touched a fresh 20-month low against the US dollar and it has been continuously under pressure since RBI?s policy." Pramit Brahmbhatt, Veracity Group CEO said," This week we witnessed a see saw trade for the week in USD/INR pair". The rupee moved in line with equity market.

Local equities continued to extend its weakness from last week which forced Rupee to trade low during the week. But as the week progressed, the local equities tried to be stable along with global equities which helped Rupee to recover and close at 63.75. On a weekly basis Rupee has appreciated and posted a weekly gain. The trading range for the Spot USD/INR pair is expected to be within 63.40 to 64.20.