Rupee ends sharply up at 45.64/65 against dollar
Despite a globally strong dollar, the rupee today ended sharply higher at Rs 45.64/65 per dollar following heavy dollar sales by corporates and foreign funds at the fag end of the session.
By PTI |
MUMBAI: Despite a globally strong dollar, the rupee today ended sharply higher at Rs 45.64/65 per dollar following heavy dollar sales by corporates and foreign funds at the fag end of the session.
After ruling virtually steady in somewhat cautious trade for the major part of day at the interbank foreign exchange (forex) market, the rupee made a positive turnaround in the last one hour of the session after losing by about 25 paise in the last two days.
Rupee opened weak at Rs 45.82/84 per dollar and remained under pressure due to firmer dollar overseas, forex dealers said.
Heavy dollar sales by some corporates and foreign institutional investors (FIIs), which have slowed down inflows into equity markets, helped rupee to recover by about 16 paise from overnight close of Rs 45.80/81, they added.
Meanwhile, world crude oil prices fell to around $58 a barrel in Asian trade during the day.
Foreign funds have invested over $5.00 billion in the equity so far in the current year, aiding the rupee recover from a three-year low of Rs 47.04 touched in July, a leading banker commented.
There were many favourable factors for the dollar but the dramatic dollar sales at the fag end pushed the rupee value, he added.
After ruling virtually steady in somewhat cautious trade for the major part of day at the interbank foreign exchange (forex) market, the rupee made a positive turnaround in the last one hour of the session after losing by about 25 paise in the last two days.
Rupee opened weak at Rs 45.82/84 per dollar and remained under pressure due to firmer dollar overseas, forex dealers said.
Heavy dollar sales by some corporates and foreign institutional investors (FIIs), which have slowed down inflows into equity markets, helped rupee to recover by about 16 paise from overnight close of Rs 45.80/81, they added.
Meanwhile, world crude oil prices fell to around $58 a barrel in Asian trade during the day.
Foreign funds have invested over $5.00 billion in the equity so far in the current year, aiding the rupee recover from a three-year low of Rs 47.04 touched in July, a leading banker commented.
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There were many favourable factors for the dollar but the dramatic dollar sales at the fag end pushed the rupee value, he added.
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