Rupee firms up against dollar in high volatility
In highly volatile trade, the rupee on Thursday recovered sharply after resuming weak against the US currency, influenced by cancellation of non-deliverable forward contracts in dollars by some foreign banks.
By PTI |
MUMBAI: In highly volatile trade, the rupee on Thursday recovered sharply after resuming weak against the US currency, influenced by cancellation of non-deliverable forward contracts in dollars by some foreign banks.
At the Interbank Foreign Exchange (forex) market, the Indian unit opened weak at Rs 46.16/18 per dollar from last close of Rs 46.11/12 per dollar and appreciated sharply to Rs 46.02/03 before being quoted at Rs 46.08/09 a dollar in later morning deals.
"There was lot of buying and selling activity in the forex market in early trade," a leading forex dealer said.
The rupee was driven sharply to a level of Rs 46.02/03 a dollar immediately after resumption of trading, largely because of heavy dollar sales after some foreign banks cancelled non-deliverable forward dollar contracts, a banker commented.
The rupee is expected to remain volatile throughout in anticipation of heavy buying and selling during the day.
At the Interbank Foreign Exchange (forex) market, the Indian unit opened weak at Rs 46.16/18 per dollar from last close of Rs 46.11/12 per dollar and appreciated sharply to Rs 46.02/03 before being quoted at Rs 46.08/09 a dollar in later morning deals.
"There was lot of buying and selling activity in the forex market in early trade," a leading forex dealer said.
The rupee was driven sharply to a level of Rs 46.02/03 a dollar immediately after resumption of trading, largely because of heavy dollar sales after some foreign banks cancelled non-deliverable forward dollar contracts, a banker commented.
The rupee is expected to remain volatile throughout in anticipation of heavy buying and selling during the day.
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