INSUBCONTINENT EXCLUSIVE:
decreased to as low as 74.91 versus the dollar on Friday before ending almost unchangedThe rupee sold a narrow range versus the United
States dollar and closed almost the same at 74.88 on Monday
It relocated a range of 13 paise, in between 74.78 and 74.91, against the greenback, having started the four-hour session stronger at 74.87
compared to its previous close of 74.90
Analysts say weak point in the dollar overseas supported the rupee however volatility domestic equity markets put pressure on the
currency.Domestic stock exchange were set to close higher on Monday to break a three-day losing streak
The S-P BSE Sensex index increased as much as 0.64 per cent to touch 38,119.38 during the session, and the wider NSE Nifty 50 standard
reached as high as 11,248.90, up 0.63 percent from its previous close.Crude oil costs rose on Monday with global benchmark Brent futures
last seen trading 0.42 percent greater at $44.99 per barrel.The dollar index - which assesses the greenback against six other currencies -
was last seen trading flat, having decreased as much as 0.17 per cent previously on Monday.Analysts anticipate the rupee to continue to
trade sideways against the greenback in the near term
The central bank's reserves have actually increased for 7 straight weeks now
Current cost action in the USD-INR (set) in spite of substantial inflows seems to suggest the RBI is continuing to non-stop shore up its
reserves further Asian currencies are stronger versus the dollar, said Abhishek Goenka, creator and CEO of forex advisory firm IFA
Global.The country's forex reserves increased by $3.62 billion to a record $538.19 billion in the week ended August 7, RBI data showed on
Friday.Meanwhile, the trade deficit in products was available in at $4.83 billion in July, after its first trade surplus in over 18 years in
the previous month, main data showed on the same day.At the present level, the rupee has actually recovered 2.64 per cent against the US
currency given that a lowest level of 76.91 signed up in April, however is still down 4.93 per cent so far this year.
