ID :
156227
Fri, 01/07/2011 - 09:53
Auther :
Shortlink :
https://oananews.org//node/156227
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Rupee gains 7 paise on late dollar selling
Mumbai, Jan 6 (PTI) The rupee on Thursday recovered by 7
paise to close at 45.2450/2550 against the US currency on late
dollar selling by exporters and banks despite weakness in
equities and firm dollar overseas.
At the Interbank Foreign Exchange (Forex) market, the
domestic unit opened lower at 45.40/41 a dollar from overnight
close of 45.32/33 and immediately touched a low of 45.43 on
the back of weakness in local equities.
However, late dollar selling by exporters and some banks
pushed the rupee to a high of 45.19 before settling at
45.2450/2550 a dollar.
The rupee had lost 34 paise to close at a two-week low of
45.32/33 against dollar on Wednesday.
Dealers attributed early fall in the rupee to sluggish
local stocks amid dollar demand from importers.
The BSE benchmark Sensex closed down by over 116 points
or 0.57 per cent, extending losses for the third straight day.
Foreign Institutional Investors (FIIs) pulled out USD
20.43 million on January 5 as per SEBI data.
The dollar index was up by about 0.2 per cent against a
basket of currencies in European market on Thursday but could
not
able to stem the rise in the rupee value.
Meanwhile, the global crude oil was trading below USD 90
a barrel in London Thursday.
Food inflation rose sharply to 18.32 per cent for the
week ended December 25, from 14.44 per cent a week ago, that
might prompt the apex bank to tighten monetary policy in its
forthcoming quarterly review on January 25 to contain further
escalation in commodity prices.
The rupee premium for the forward dollar ended higher on
fresh paying pressure from banks and corporates. The benchmark
six-month forward dollar premium payable in June settled
better at 135-137 paise from 134-136 paise on Wednesday.
Far-forward contracts maturing in December also finished
higher at 244-246 paise from 241-243 paise previously.
The Reserve Bank of India fixed the reference rate for
the dollar at Rs 45.31 and the euro at Rs 59.56.
The rupee recouped to end at Rs 70.04/06 against the
pound sterling from Wednesday's close of Rs 70.60/62 while
improved further to Rs 59.27/29 per euro from Rs 59.90/92
previously.
It, however, recovered sharply against the yen to Rs
54.44/46 per 100 yen from its last close of Rs 55.16/18.
paise to close at 45.2450/2550 against the US currency on late
dollar selling by exporters and banks despite weakness in
equities and firm dollar overseas.
At the Interbank Foreign Exchange (Forex) market, the
domestic unit opened lower at 45.40/41 a dollar from overnight
close of 45.32/33 and immediately touched a low of 45.43 on
the back of weakness in local equities.
However, late dollar selling by exporters and some banks
pushed the rupee to a high of 45.19 before settling at
45.2450/2550 a dollar.
The rupee had lost 34 paise to close at a two-week low of
45.32/33 against dollar on Wednesday.
Dealers attributed early fall in the rupee to sluggish
local stocks amid dollar demand from importers.
The BSE benchmark Sensex closed down by over 116 points
or 0.57 per cent, extending losses for the third straight day.
Foreign Institutional Investors (FIIs) pulled out USD
20.43 million on January 5 as per SEBI data.
The dollar index was up by about 0.2 per cent against a
basket of currencies in European market on Thursday but could
not
able to stem the rise in the rupee value.
Meanwhile, the global crude oil was trading below USD 90
a barrel in London Thursday.
Food inflation rose sharply to 18.32 per cent for the
week ended December 25, from 14.44 per cent a week ago, that
might prompt the apex bank to tighten monetary policy in its
forthcoming quarterly review on January 25 to contain further
escalation in commodity prices.
The rupee premium for the forward dollar ended higher on
fresh paying pressure from banks and corporates. The benchmark
six-month forward dollar premium payable in June settled
better at 135-137 paise from 134-136 paise on Wednesday.
Far-forward contracts maturing in December also finished
higher at 244-246 paise from 241-243 paise previously.
The Reserve Bank of India fixed the reference rate for
the dollar at Rs 45.31 and the euro at Rs 59.56.
The rupee recouped to end at Rs 70.04/06 against the
pound sterling from Wednesday's close of Rs 70.60/62 while
improved further to Rs 59.27/29 per euro from Rs 59.90/92
previously.
It, however, recovered sharply against the yen to Rs
54.44/46 per 100 yen from its last close of Rs 55.16/18.
