Zee Media Bureau
The rupee continued its winning streak for the second consecutive week and ended higher by 39 paise to two-week high of 60.76 against the US dollar due to sustained dollar selling by exporters and some banks amid bullish local equities.
At the Interbank Foreign Exchange (Forex) market, the local unit commenced the week better at 61.09 a dollar from last weekend's close of 61.15 and dropped to a low of 61.30 on Wednesday on fresh dollar demand from importers, amid uptick in retail inflation and slowing industrial production growth.
Later, it bounced back to settle the week at its highest level of 60.76, showing a rise of 39 paise, or 0.64 percent.
On Thursday, it gained 45 paise -- its best single day gain in three months -- amid fall in wholesale inflation to five-month low in July.
The benchmark S&P BSE Sensex snapped its two-week losses and closed the week sharply higher by 774.09 points, or 3.06 percent, while FIIs bought shares worth Rs 1,595.72 crore during last week, including provisional data of August 13 and 14.
Meanwhile, the country's industrial production (IIP) slowed to 3.4 percent in June as against 5 percent in May, while retail inflation, as measured by consumer price index (CPI) rose to 7.96 percent in July from 7.46 percent in June, as per government data announced on Tuesday.
Meanwhile, inflation as measured by Wholesale Price Index (WPI) dropped to five-month low of 5.19 percent in July, as per government announcement on Thursday.
With agency inputs
