Rupee ends week just under 72 to dollar; pound value goes up

The US dollar ended lower against the rupee at 71.73/74 per dollar but the pound sterling finished higher at Rs 93.19/21 per pound at the close of the Interbank Foreign Exchange (forex) market here today.

On Friday, however, the rupee had touched 72 to a dollar – the highest in its history.

This is its worst declining streak since April with the local currency falling for the seventh consecutive day.

According to an outlook by Religare Broking Ltd, the fall is amid the greenback purchases by state-run and foreign banks.

Indian Rupee on Friday firmed up by 24 paise to reach at 71.75 against the US dollar. The development came due to sustained bouts of dollar selling from banks and exporters. Prior to that, the rupee resumed slightly higher at 71.95 against Thursday’s closing level of 71.99 a dollar at the interbank foreign exchange market.

The rupee traded in wide range as heavy dollar demand pulled down it to 72.04 only to be supported by good supply of dollars from Reserve Bank of India through banks which helped its recovery, It was trading 71.75 at 1025 hours.

The domestic unit hovered between 72.04 and 71.75 during morning deals.

Overseas, the US dollar moved in …read more