Zee Media Bureau
New Delhi: The rupee ended higher by 43 paise at 63.51 against the American currency on fresh selling of dollars by banks and exporters on hopes of foreign capital inflows following fag-end recovery in the equity market.
On Tuesday the Indian rupee`s vale further weakened against the dollar by around 17 paise and stood at Rs.64.17 per dollar. Heavy selling by foreign investors on the back of the MAT dispute let to the free-fall in rupee value.
The rupee had dropped by 52 paise or 0.82 to 63.94 per dollar in the last week.
At the Interbank Foreign Exchange (Forex), the domestic unit resumed strong at 63.85 a dollar from previous close of 63.94 and later moved in a range of 63.46 and 64.2675 before concluding the week at 63.51, disclosing a gain of 43 paise of 0.67 percent.
Banks and exporters preferred to reduce their dollar position in view of lower dollar in the overseas market. The greenback continued to weaken in the global market, sending a benchmark dollar index to the lowest level since late January as recent sluggish US data prompt investors to rethink the timing of the first Federal Reserve rate hike.
The benchmark Sensex recovered at the fag-end of the week as the Indian Meteorological Department (IDM) said that conditions are becoming favourable for advancement of southwest monsoon and is likely to hit the Kerala coast on May 30.
Sensex continued to rule firm for the second straight week and ended higher by 218.61 points or 0.81 percent to 27,324.00.
With Agency Inputs
