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Date:
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09-09-2010
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Subject:
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Rupee rebounds by 21 paise to 46.63/64 against dollar
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MUMBAI: The rupee bounced back by 21 paise to 46.63/64 against the US dollar today amid renewed dollar selling by banks and exporte rs as the American currency fell to a 15-year low against the Japanese yen.
Forex dealers said sustained capital inflows also helped the rupee recovery.
At the Interbank Foreign Exchange, the domestic currency opened slightly better at 46.82/83 a dollar from its previous close of 46.84/85. It later improved further to a high of 46.62 before ending at 46.63/64 a dollar.
A forex dealer said that some banks and exporters were selling dollars on expectations of a further fall in the American currency. The dollar hit a 15-year low against yen in London today and the dollar index of six major currencies was down over 0.1 per cent.
The Indian benchmark Sensex, after suffering losses in early trade today, recouped to end up by nearly 22 points, or 0.12 per cent, on sustained buying by foreign funds, completing a three-day winning streak.
Foreign Institutional Investors (FIIs) have pumped USD 514.93 million into domestic equities in the current month till September 7. In the month of August, they picked up shares worth nearly USD 2.4 billion, which was the primary driver of rupee gains against the US dollar.
Meanwhile, global crude was trading at below USD 74 a barrel in London today.
The rupee premium for the forward dollar ended narrowly mixed. The benchmark six-month forward dollar premium payable in February closed a tad lower at 110-112 paise from 110-1/2- 112-1/2 paise on Tuesday, while far-forward maturing in August rose to 206-208 paise from 204-1/2-206-1/2 paise previously.
The Reserve Bank of India has fixed the reference rate for the dollar at Rs 46.70 and the euro at Rs 59.43.
In cross-currency trade, the domestic unit moved down further against the pound sterling, but rose against the Japanese yen and the euro.
The rupee declined to Rs 72.06/08 against the pound sterling from Tuesday's close of Rs 71.92/94, but hardened to Rs 59.21/23 per euro from Rs 59.74/76 previously.
It also improved further against the yen to Rs 55.66/68 per 100 yen from its last close of Rs 55.85/87.
Source : timesofindia.indiatimes.com
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