Mumbai: The Indian rupee on Wednesday edged two paise lower and ended at 60.45, near its four-week high levels, against the Greenback on dollar demand from importers. However, bullish local equities, sustained capital inflows and a weak dollar overseas helped check the rupee fall, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced weak at 60.47 a dollar from previous close of 60.43. It moved in a tight range of 60.3925 and 60.51 before concluding at 60.45, logging a small loss of two paise or 0.03 per cent.
On Tuesday, it had risen 13 paise or 0.21 per cent to end at 60.43 -- its best closing since July 30, 2014.
Renewed dollar demand from importers, mainly oil refiners, to meet their month-end obligations weighed on the rupee value.
Meanwhile, the benchmark S&P BSE Sensex rallied further by 117.34 points, or 0.44 per cent, to log new closing peak. Overseas investors picked up shares worth Rs 364.72 crore yesterday, as per provisional data with stock exchanges. The dollar index was down 0.15 per cent against its six major global rivals.
Pramit Brahmbhatt, CEO, Veracity Group, said,"Rupee ended near yesterday's close. Local equities closed at all time high today. Dollar index rally slowed down today and is trading below yesterday's close at USD 82.53.
"Rupee is expected to appreciate in coming days tracking gains in local equities. The trading range for the spot rupee is expected to be within 60.00 to 60.80."
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