Business

Mumbai: The rupee ended two sessions of gains and fell 48 paise to 61.55 against the dollar after weak inflation and industrial output data amid fresh demand from importers for the US currency.

The BSE Sensex on Monday started on a flat note the benchmark index 8 points down at 20,519.91 while Nifty is 6.60 points down at 6,089.60.

Tata Motors Ltd provisionally rose 5.6 per cent after making its all-time high of 373.85 rupees.

The trade deficit is lowest since March 2011, when it was $3.8 billion.

Forecasters are likely under-estimating the size of the anticipated agricultural output bounce, Credit Suisse said.

September sales of firms like Maruti, Hero MotoCorp and TVS rose in 12-16 per cent range while that of M&M slipped.

It moved in a range of 62.45 to 62.90 before ending at 62.75, a fall of 15 paise or 0.24 per cent.

Housing Development Finance Corp Ltd provisionally rose 1.3 per cent, while Bajaj Auto Ltd ended 2.8 per cent higher.

The local currency resumed weak at 63.45 a dollar from the previous close of 63.37 at the interbank foreign exchange market and dropped to a low of 63.46.

The PMEAC had in April projected 6.4 per cent growth for Indian economy for current financial year.

The rupee is at 63.35/36 after rising to 63.28, its highest since August 23, and 63.84/85 last close.

The CERC will hear the matter on September 10.

India's defence of the rupee has so far relied on steps like raising short-term interest rates and imposing capital controls on resident Indians.

The rupee breached the 68-mark on Wednesday to close at an all-time low of 68.72 against the US dollar.

Wipro had been excluded from the NSE index from April 1.

"I believe our forex reserves are adequate to manage current situation," RBI Governor D Subbarao.