Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  Rupee recovers from intraday lows; closes at 62.155 per dollar
BackBack

Rupee recovers from intraday lows; closes at 62.155 per dollar

Rupee ended at 62.155 a dollar, up 0.18% from its previous close of 62.2675

From January 2013 to date, the rupee has weakened 11.52% and is the third highest loser in Asia after Indonesian rupiah and Japanese yen. Photo: Priyanka Parashar/MintPremium
From January 2013 to date, the rupee has weakened 11.52% and is the third highest loser in Asia after Indonesian rupiah and Japanese yen. Photo: Priyanka Parashar/Mint

Mumbai: The Indian rupee recovered from its intraday lows on Friday, to close stronger than its previous close, on possible intervention by the Reserve Bank of India (RBI) even as other Asian currencies weakened against the dollar and the domestic stock market fell.

Rupee ended at 62.155 a dollar, up 0.18% from its previous close of 62.2675. The domestic currency had opened at 62.355 and slid to 62.56 in the day.

Lower manufacturing data and a weak equity market also weighed on the rupee. The manufacturing purchasing managers’ index (PMI) released by HSBC Holdings Plc and Markit Economics on Thursday was at 50.7 in December, lower than November’s 51.3. A figure above 50 indicates expansion.

“Rupee weakness will continue for quite some time," said Pramit Brahmbhatt, chief executive officer of Alpari Financial Services (India) Pvt. Ltd.

“Both the US and the Japanese economies are recovering and soon crude prices will shoot up. This year is going to be a dollar year," said Brahmbhatt, adding rupee should touch 63.50 a dollar by January end.

From January 2013 to date, the rupee has weakened 11.52% and is the third highest loser in Asia after Indonesian rupiah and Japanese yen.

Overnight though, the dollar index, fell, trading at 80.583, down from the previous close of 80.63.

India’s benchmark equity index Sensex closed at 20,832.84, 20851.33, down 0.18%, or 37 points, from its previous close.

The yield on the 10-year bonds ended at 8.837%.

Anup Roy contributed to this story.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 03 Jan 2014, 09:41 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App