Rupee snaps 3—day rise, ends lower by 3 paise to 66.53

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It had gained by 88 paise or 1.31 per cent in previous three days.

Snapping its three-day winning spree against the American currency, the rupee declined by 3 paise to close at 66.53 on fag-end dollar demand from importers on the back of higher greenback in the overseas market.

The rupee resumed higher at 66.46 as against the last weekend’s level of 66.50 at the Interbank Foreign Exchange Market and firmed up further to 66.41 on initial selling of dollars by exporters and banks on the back of persistent foreign capital inflows amidst firm equity market.

However, it dropped afterwards to 66.58 on renewed dollar demand from importers on the back of recovery of dollar in the overseas market before ending a 66.53, showing a marginal loss of 3 paise or 0.05 per cent.

It had gained by 88 paise or 1.31 per cent in previous three days.

The rupee hovered in a range of 66.41 and 66.58 per dollar during the day.

Foreign funds continued their buying spree as FPI/FII bought shares worth Rs 1,712.62 crore on last Friday as per the provisional figures issued by stock exchanges.

The dollar index was up by 0.08 per cent against a basket of six currencies in the late afternoon trade.

The dollar was edging higher in the global market in the afternoon session following last week’s loss of more than 1 per cent against key rivals. The greenback was punished last week after the Federal Reserve signalled a slower pace of interest rate increases this year.

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