ID :
175715
Fri, 04/15/2011 - 22:15
Auther :
Shortlink :
https://oananews.org//node/175715
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Rupee recovers by 17 paise against dollar
Mumbai, Apr 15 (PTI) The Indian rupee recovered smartly
by 17 paise to close at 44.33/34 against the US dollar on the
back of fresh sale of dollars amid capital inflows despite
weak equities.
Dealers said that the sale of dollars by exporters and
some banks on expectations of fall in US unit overseas.
India's Bombay Stock Exchange benchmark Sensex on Friday
tumbled by over 310 points or 1.57 per cent after gaining over
434 points or 2.25 per cent on Wednesday.
Meanwhile, food inflation declined to 8.28 per cent for
the week ended April 2, from 9.18 per cent in the preceding
week while general inflation rose to 8.98 per cent in March
2011, from 8.31 per cent in the previous month.
Alpari Forex (India) CEO Pramit Brahmbhatt said, "Today
local equities extended its fall after the inflation data
showed bigger jump than the economist estimated. Looking
at the weak equity market one can expect rupee to gain against
greenback."
"The trading range for the USD/INR will be between 44.20-
44.70," he added.
At the Interbank Foreign Exchange (Forex) market, the
domestic currency opened barely steady at 44.49/50 a dollar
from its last close of 44.50/51.
Later, it moved in a range of 44.60 and 44.32 before
concluding the day at 44.33/34.
The greenback declined in New York market yesterday after
a pair of US economic reports showed that jobless claims
unexpectedly increased along with rise in wholesale prices.
However, the dollar index was up by 0.1 per cent against
a basket of currencies in the European market on Friday.
The rupee premium for the forward dollar closed sharply
higher on fresh paying pressure from banks and corporates. The
benchmark six-month forward dollar premium payable in
September finished strong at 148-150 paise from 142-144 paise
on Wednesday.
Far-forward contracts maturing in March also concluded
remarkably up at 300-302 paise from 286-288 paise previously.
The Reserve Bank of India, the country's central banking
system, has fixed the reference rate for the dollar at Rs
44.52 and the euro at Rs 64.41.
The rupee held stable against the pound sterling to end
at its last closing level of Rs 72.47/49 while recovered
against the euro to end at Rs 64.12/14 from Rs 64.57/59 in the
previous session.
It, however, remained weak against the Japanese yen to Rs
53.28/30 per 100 yen from last close of Rs 52.93/95.
by 17 paise to close at 44.33/34 against the US dollar on the
back of fresh sale of dollars amid capital inflows despite
weak equities.
Dealers said that the sale of dollars by exporters and
some banks on expectations of fall in US unit overseas.
India's Bombay Stock Exchange benchmark Sensex on Friday
tumbled by over 310 points or 1.57 per cent after gaining over
434 points or 2.25 per cent on Wednesday.
Meanwhile, food inflation declined to 8.28 per cent for
the week ended April 2, from 9.18 per cent in the preceding
week while general inflation rose to 8.98 per cent in March
2011, from 8.31 per cent in the previous month.
Alpari Forex (India) CEO Pramit Brahmbhatt said, "Today
local equities extended its fall after the inflation data
showed bigger jump than the economist estimated. Looking
at the weak equity market one can expect rupee to gain against
greenback."
"The trading range for the USD/INR will be between 44.20-
44.70," he added.
At the Interbank Foreign Exchange (Forex) market, the
domestic currency opened barely steady at 44.49/50 a dollar
from its last close of 44.50/51.
Later, it moved in a range of 44.60 and 44.32 before
concluding the day at 44.33/34.
The greenback declined in New York market yesterday after
a pair of US economic reports showed that jobless claims
unexpectedly increased along with rise in wholesale prices.
However, the dollar index was up by 0.1 per cent against
a basket of currencies in the European market on Friday.
The rupee premium for the forward dollar closed sharply
higher on fresh paying pressure from banks and corporates. The
benchmark six-month forward dollar premium payable in
September finished strong at 148-150 paise from 142-144 paise
on Wednesday.
Far-forward contracts maturing in March also concluded
remarkably up at 300-302 paise from 286-288 paise previously.
The Reserve Bank of India, the country's central banking
system, has fixed the reference rate for the dollar at Rs
44.52 and the euro at Rs 64.41.
The rupee held stable against the pound sterling to end
at its last closing level of Rs 72.47/49 while recovered
against the euro to end at Rs 64.12/14 from Rs 64.57/59 in the
previous session.
It, however, remained weak against the Japanese yen to Rs
53.28/30 per 100 yen from last close of Rs 52.93/95.
