Rupee ends FY13 with over 7% loss; closes at 54.29 Vs dollar
Mumbai: In line with recovery in stock markets, the rupee also recouped by four paise to close the truncated week at 54.29 against the Greenback, but lost over 7.0 percent to end the fiscal year 2012-13.
The Forex market was closed on March 27 and 29 on account of "Holi" and "Good Friday", respectively.
Initially, the rupee rose to one-week high of 54.06 on selling of the US dollar by exporters amid strengthening of the euro overseas after Cyprus reached a bailout agreement with international lenders.
But, on Tuesday it fell back on fresh dollar demand from importers, mainly oil refiners, to meet their month end requirements.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at 54.11 a dollar from last weekend's close of 54.33.
It later moved in a narrow range of 54.06 and 54.48 before concluding the week at 54.29, revealing a rise of four paise or 0.07 percent.
The Indian benchmark Sensex broke its two-week of losing string and rose by 100.17 points or 0.53 percent while FIIs pumped in USD 253.57 million on the first two days of the week, as per Sebi data.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: "Rupee (spot) traded strong during the week, taking cues from positive Equity markets which closed up by over 0.5 per cent. The RBI has said CAD will play a factor in monetary policy decisions. CAD (Current Account Deficit) touched a record high of 6.7 percent of GDP in the October-December quarter, mainly on account of widening trade gap."
The premium for the forward dollar finished lower on fresh receipts by exporters.
The benchmark six-month forward dollar premium payable in August ended down at 162-1/2-164 paise from last weekend's level of 173-175 paise and far-forward contracts maturing in February also finished lower at 332-1/2-334-1/2 paise as against 338-1/2 -340-1/2 paise.
The RBI fixed the reference rate for the US dollar at 54.3893 and for euro at 69.5438 as against the last weekend's level of 54.3350 and 70.1005.
The rupee recovered against the pound sterling to 82.12 from preceding weekend's level of 82.58 and also firmed up further against the euro to end at 69.49 from previous weekend's close of 70.41.
However, it declined further against the Japanese yen to settle at 57.63 per 100 yen from last weekend's level of 57.36.