Mumbai: Tracking a recovery in local shares, the Indian rupee on Friday snapped a two-day declining trend and bounced back by 39 paise to end at 61.44 against the Greenback on fresh dollar selling by exporters and some banks.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced higher at 61.70 a dollar from previous close of 61.83. Soon after, it touched a low of 61.7450 on initial hesitancy in local equities.
However, the rupee rebounded on smart rise in domestic shares and fresh dollar selling by exporters and some banks to a high of 61.42. It concluded for the day at 61.44, showing a rise of 39 paise or 0.63 per cent. In previous two sessions, it had tumbled by 73 paise or 1.19 per cent.
The benchmark S&P BSE Sensex on Friday snapped its two-day fall and recovered by 109.19 points, or 0.42 per cent. Foreign Portfolio Investors (FPIs) sold shares worth US dollar 178.45 million yesterday. They have pulled out US dollar 612.74 million in the current month so far.
The dollar index was down by 0.11 per cent against major global rivals.
Pramit Brahmbhatt, Veracity Group, CEO, said, "To end the week, rupee appreciated over half a per cent on the last trading day. This was helped by local equities that closed up by almost half a per cent for the day.
"However, rupee on a weekly basis posted its fifth weekly fall in six. The trading range for the spot rupee is expected to be within 61.00 to 62.00."
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