Rupee to strengthen against dollar in early trade
The rupee continued to strengthen against the US currency on the back of a broader weak dollar amid steady business and FIIs inflows in thin early trade at the Interbank Foreign Exchange market on Friday, partially affected by nationwide Public Se...
By PTI |
MUMBAI: The rupee continued to strengthen against the US currency on the back of a broader weak dollar amid steady business and FIIs inflows in thin early trade at the Interbank Foreign Exchange market on Friday, partially affected by nationwide Public Sector Bank employees strike.
The domestic unit was quoted at Rs 46.5550/5650 per dollar, sharply higher from yesterday's two week closing high of Rs 46.60/61. It opened at Rs 46.61/62 per dollar.
With Friday's 4-1/2 paise gain, the rupee has appreciated by nearly 34 paise since Tuesday after slipping by 14 paise on Monday due to possible month-end demand.
Despite firm crude oil prices at over 74 dollar a barrel and customary month-end pressure, the rupee surged to new two peaks of Rs 46.5550/5650 per dollar on the back of a broader weak dollar overseas amid healthy trade and FIIs inflows, a forex dealer said.
The forex spot trade, however, would be adversely affected by the one-day strike of Public Sector Bank employees.
Meanwhile, crude oil prices shot-up to USD 74.70 a barrel in early Asian trade today due to renewed supply concerns.
Foreign Institutional Investors (FIIs) infused USD 51.70 million into Equity market on July 26 and pumped-in a whopping USD 108.40 million in the first three trading days of the week.
Turning to cross currency trade, the euro was quoted at Rs 59.14/16, pound sterling at Rs 86.61/63 and a Japanese yen (100) at Rs 40.30/32.
The domestic unit was quoted at Rs 46.5550/5650 per dollar, sharply higher from yesterday's two week closing high of Rs 46.60/61. It opened at Rs 46.61/62 per dollar.
With Friday's 4-1/2 paise gain, the rupee has appreciated by nearly 34 paise since Tuesday after slipping by 14 paise on Monday due to possible month-end demand.
Despite firm crude oil prices at over 74 dollar a barrel and customary month-end pressure, the rupee surged to new two peaks of Rs 46.5550/5650 per dollar on the back of a broader weak dollar overseas amid healthy trade and FIIs inflows, a forex dealer said.
The forex spot trade, however, would be adversely affected by the one-day strike of Public Sector Bank employees.
Meanwhile, crude oil prices shot-up to USD 74.70 a barrel in early Asian trade today due to renewed supply concerns.
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Foreign Institutional Investors (FIIs) infused USD 51.70 million into Equity market on July 26 and pumped-in a whopping USD 108.40 million in the first three trading days of the week.
Turning to cross currency trade, the euro was quoted at Rs 59.14/16, pound sterling at Rs 86.61/63 and a Japanese yen (100) at Rs 40.30/32.
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