Currency

The rupee closed 12 paise lower against the dollar (INR Vs USD) on Friday, but managed to finish the week on a higher note. The rupee moved in a range of 69.10-68.53 against the greenback during Friday's session, before settling at 68.95 for the day. That marked a total gain of 15 paise against the American currency for the holiday-shortened week, during which the rupee hit a seven-month high of 68.45 - breaching the 69 mark for the first time since August last year. The financial markets remained shut on Thursday for the Holi festival.

The rupee appreciated to as much as 68.53 against the dollar on Friday. Continued foreign fund inflows supported the rupee in the forex markets, say analysts. With that, the rupee was set to finish the week on a higher note against the greenback. Earlier in the holiday-shortened week, the rupee had hit a seven-month high of 68.45 against the dollar, breaching the 69 mark for the first time since August last year. The financial markets remained shut on Wednesday for the Holi festival.

Overseas investors purchased Malaysian bonds for the first time in four months, helped by a stronger ringgit and receding political tensions. They bought $1.12 billion worth of Malaysian bonds last month.

The healthy inflow of foreign funds during March 2019 comes second just to the inflow of Rs 26,473.17 crore seen in March 2017.

Snapping its six-day rising spree, the rupee on Tuesday depreciated by 43 paise to close at 68.96 against the dollar on emergence of demand for the greenback from importers, reported news agency Press Trust of India (PTI). The rupee came under pressure due to rising crude pressure and a caution ahead of the outcome of the Federal Open Market Committee (FOMC) meeting, the agency reported quoting traders. On Monday, the rupee had advanced by 57 paise to close at an over seven-month high of 68.53 against the dollar.

The rupee appreciated against the dollar on Monday to rise above the 69 mark for the first time in more than seven months. The rupee advanced by 57 paise against the dollar to close at 68.53 for the day. That marked the strongest closing for the rupee against the US currency since August 1 last year, and the first above the 69 mark since August 10. Strong dollar inflows and weakness in the greenback overseas aided sentiment in the forex markets, boosting the rupee, say analysts.

On a weekly basis, the domestic currency has added 104 paise.

The rupee opened at 69.28 at the forex market, then gained further ground and touched 69.14, displaying gains of 20 paise over its last close.

Foreign inflows into domestic equities and debt markets have surged, with $1.78 billion pouring in this month as of March 12.

INR vs USD: Forex dealers said, strengthening of the American currency in overseas market weighed on the domestic currency.

The rupee opened at 69.71 at the forex market then gained further ground and touched 69.63, displaying gains of 8 paise over its last close.

The rupee rose as high as 69.56 per dollar, its strongest since January 2 and 0.47 per cent firmer than Monday's close of 69.89.

At the forex market, the rupee opened at 69.73 against the dollar and advanced to 69.64, showing a rise of 25 paise over the previous close.

Forex traders attributed the rupee rise to growing support for the current government in the upcoming general elections.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,095.06 crore on Friday, as per provisional data.