money market will remain closed on Monday on account of 'Parsi New Year'. The rupee appreciated for the second week in a row last week and closed up by 39 paise to end at two-week high of 60.76 against the US dollar during the shortened week under review following sustained dollar selling by exporters and some banks amid bullish local equities.
The forex market was closed on Friday, August 15, on account of 'Independence Day'.
At the Interbank Foreign Exchange (Forex) market, the local unit
commenced the week better at 61.09 a dollar from last weekend's close of
61.15 and dropped to a low of 61.30 on Wednesday on fresh dollar demand
from importers, amid uptick in retail inflation and slowing industrial
Later, it bounced back to settle the week at its highest level of 60.76, showing a rise of 39 paise, or 0.64 per cent.
On Thursday, it gained 45 paise -- its best single day gain in three
months -- amid fall in wholesale inflation to five-month low in July.
The benchmark S&P BSE Sensex snapped its two-week losses and
closed the week sharply higher by 774.09 points, or 3.06 per cent, while
FIIs bought shares worth Rs 1,595.72 crore during last week, including
provisional data of August 13 and 14.
Meanwhile, the country's industrial production (IIP) slowed to 3.4
per cent in June as against 5 per cent in May, while retail inflation,
as measured by consumer price index (CPI) rose to 7.96 per cent in July
from 7.46 per cent in June, as per government data announced on Tuesday.