“The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, is trading weak for the day, which helped the rupee to recover from its intra-day low,” said Pramit Brahmbhatt, CEO of Alpari Financial Services (India). “During the day it depreciated almost half per cent, taking cues from local equities which traded weak and closed down.”
Continued receipts by exporters kept forward dollar premiums under pressure.
The benchmark six-month forward dollar premium payable in June eased to 246-248 paise from the previous close of 247-249 paise and far-forward contracts maturing in December softened to 485-487 from 486-488 paise.
The RBI fixed the reference rate for the dollar at 62.3265 and for the euro at 84.6151.
The rupee improved to 102.06 against the pound from 102.33 last weekend and closed a tad lower at 84.80 per euro from 84.79. It remained weak at 59.59 per 100 Japanese yen from 59.51.
