Rupee ends up by 21 paise on fresh dollar selling

Mumbai, Apr 29 (PTI) The rupee ended higher by 21 paise
to 44.22/23 against the US currency due to fresh selling of
the dollars by banks and exporters in view of the persistent
fall of dollar in overseas markets.
"USD/INR had a flat opening at 44.42. During the day, it
traded bearishly & made a high of 44.28 & low of 44.46. Equity
markets traded weak throughout the day & closed in red,"
Alpari Forex (India) CEO Pramit Brahmbhatt said.
"GBP & Euro's gain aided Rupee to trade stronger against
the dollar, but the payments for oil imports & weak local
equities restricted the appreciation. Looking at the weak
dollar one can expect Rupee to gain against greenback," he
added.
At the Interbank Foreign Exchange, the domestic currency
opened steady at 44.43/44 per dollar, but later moved up to
44.20 per dollar before ending the day at 44.22/23 per dollar.
It moved in a range between 44.20 and 44.47 during the
day.
Banks and exporters preferred to reduce their dollar
positions on the back of the sustained fall of the dollar in
overseas market, a forex dealer said.
The US Dollar fell for the sixth straight day on Thursday
in the New York market, as stocks inched up and gave currency
traders more reason to shift out of perceived safe havens.
In London, the dollar hovered just above a three-year
trough against a basket of currencies and hit a record low
versus the Swiss franc on Friday staying under heavy pressure
on
expectations US monetary policy will stay loose.
Meanwhile, New York crude was trading above USD 112 a
barrel in Europe.
Extending losses for the fifth straight day, the Bombay
Stock Exchange benchmark Sensex on Friday closed down by
156.06
points, or 0.81 per cent, at 19,135.
The rupee premium for the forward dollar closed higher
on fresh paying pressure from banks and corporates. The
benchmark six-month forward dollar premium payable in October
settled up at 161-1/2-163-1/2 paise from 159-161 paise on
Thursday.
Far-forward contracts maturing in April also concluded
higher at 315-1/2-317-1/2 paise from Thursday's close of
310-1/2-312-1/2 paise.
The Reserve Bank of India has fixed the reference rate
for the dollar at Rs 44.38 and the euro at Rs 65.83.
The rupee recovered against the pound sterling to close
at Rs 73.64/66 from Thursday's close of Rs 74.00/02 and moved
up against the euro to Rs 65.71/73 from Rs 65.77/79 in the
previous session.
It, also edged up against the Japanese yen to Rs 54.37/39
per 100 yen from its last close of Rs 54.38/40.