Re snaps 2-day winning spree, ends lower by 6 paise against dollar

The rupee on Friday snapped its two-day gaining streak against the US dollar by losing 6 paise to end at 62.36 on fresh demand for the American currency from importers amid fall in global crude oil prices.

The rupee opened slightly lower at 62.33 per dollar at the Interbank Foreign Exchange (Forex) market as against the last closing level of 62.30, and hovered in a tight range of 62.30 and 62.39 before concluding at 62.36 per dollar, showing a loss of 6 paise or 0.10 per cent.

The domestic currency had gained 21 paise or 0.34 per cent in the previous two days.

In the Asian markets, the dollar drifted lower against the yen and the euro today, as a lack of fresh trading cues made investors reluctant to take lopsided, strong positions ahead of the weekend.

The greenback tracked the overnight weak tone against the yen — which followed downbeat initial jobless claims in the US — but remained trapped in an extremely tight range, given a lack of fresh cues. Amid thin liquidity, investors avoided making major moves especially after a series of soft economic data in the US.

Oil prices fell in Asia today as investors locked in profits following a six-day rally, with a rise in OPEC's output in March also adding to downward pressure, analysts said. US benchmark West Texas Intermediate (WTI) for May delivery dipped 43 cents to $56.28 and Brent crude for June eased 48 cents to $63.50 in late-morning trade.

Meanwhile, the benchmark BSE Sensex continued to fall for the third consecutive day today by ending lower by 223.94 points or 0.78 per cent.