The rupee softened by six paise to rest at 55.34 against the US dollar, in volatile trade. This occurred due to an increasing demand for the US currency from oil importers.
The rupee reached a high of 55.25 a dollar at the Interbank Foreign Exchange (Forex) market. This was a small increase compared to Friday's close of 55.28.
On 13th the rupee reached its all day high of 55.19 “on dollar selling by exporters amid sustained capital inflows into the stock market” quoted the Financial Express.
“The weak dollar overseas also boosted the rupee sentiment in early trade”, said Forex traders.
The rupee had touched a low of 55.47 a dollar in the late morning session on dollar demand from importers amid hesitancy in local shares. However, with shares recovering in the latter part of the day and the US dollar losing its momentum in the international market, the rupee settled at 55.34.