Rupee trades flat at 63.55 against dollar in early session

Mumbai: The rupee was trading flat at 63.55 against the US dollar in early session on Monday at the interbank foreign exchange market amid the greenback’s gains in overseas markets.

Forex dealers said month-end dollar demand from banks and importers and the dollar’s gain against other currencies overseas weighed on the rupee in early session but forex inflows in stocks cushioned the fall.

The rupee opened lower by 5 paise at 63.60 on Monday against the previous close of 63.55. It later recovered ground to touch a high of 63.54 before trading at 63.55 at 0945 hrs.

A record opening in the domestic equity market capped the fall, dealers said.

The dollar was trading up against the Japanese yen in early session after its gains against the euro and British pound. On Thursday, the rupee had gained 14 paise to end at a fresh one-week high of 63.55 a dollar.

Foreign investors had put in USD 137.90 million on net basis in stocks on Thursday. The forex market was closed on Friday for the ‘Republic Day’ holiday.

Meanwhile, the benchmark BSE Sensex spurted by 233.67 points, or 0.64 per cent, to trade at an all-time high of 36,284.11. The NSE Nifty too was quoting at new peak of 11,123.40 points.