FOREX REPORT FOR 14 OCTOBER 2014

MARKET HEADLINES
 

Rupee up 8 paise against dollar in early trade
The rupee recovered by 8 paise to 61.27 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency. Besides strengthening of the euro and yen against the dollar in overseas market supported the rupee, but a lower opening in the domestic equity market capped gains, forex dealers said. The rupee had lost 30 paise to close at 61.35 in the previous session on Friday on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.The benchmark BSE Sensex fell by 159.35 points, or 0.61 per cent, to 26,138.03 in early trade today.

Rupee down 30 paise at 61.35 vs dollar
Snapping a four-day gaining spree, the rupee today fell by 30 paise to close at 61.35 against the dollar on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities. The local currency rupee resumed lower at 61.15 per dollar as against yesterday's closing level of 61.05 at the Interbank Foreign Exchange ( Forex) and dropped further to 61.36 per dollar before concluding the day at 61.35 per dollar, a loss of 30 paise or 0.49 per cent.
It moved in a range of 61.11 and 61.36 per dollar during the day. "Rupee traded weak today taking cues from strong dollar overseas and weak local equities. After depreciating for four continuous weeks, rupee posted its first weekly gain this week," said Pramit Brahmbhatt, CEO, Veracity Group.