Rupee stays in step with Sensex, up 7.50 paise
Snapping two days of a losing streak, the Indian rupee today rose by 7.50 paise to close at 48.4450/4550 against the US currency, triggered by a smart rise in equity markets amid a weak dollar overseas.
By PTI |
MUMBAI: Snapping two days of a losing streak, the Indian rupee today rose by 7.50 paise to close at 48.4450/4550 against the US currency, triggered by a smart rise in equity markets amid a weak dollar overseas.
At the Interbank Foreign Exchange market, the domestic unit resumed higher at 48.40/42 a dollar against yesterday's close of 48.52/53.
Later it moved in a range of 48.32 and 48.50 per dollar before ending the day at 48.4450/4550.
The main reason for the recovery in the rupee was a smart rebound in the Indian Benchmark Sensex, which shot up by 387.92 points or 2.61 per cent.
Asian indices also displayed a firm trend at close today. The dollar's weakness against major world currencies also aided rupee sentiment. The US currency declined today, edging close to a seven-week low against the euro and its major rivals.
Hopes of increased capital inflows in the capital markets after firm trends in local equity markets also boosted rupee sentiment.
According to Sebi data, capital inflows amounted to USD 612.30 million in the last seven days.
Global crude oil prices were quoting above USD 65 a barrel in Asian trade today.
The Reserve Bank of India, however, fixed the reference rate for the US dollar at Rs 48.44 and for the euro at Rs 69.07.
The rupee premiums on the forward dollar ended further lower following sustained receivings by exporters.
The benchmark six-month forward dollar premium payable in December ended at 47-1/2-49 paise, down from 49-51 paise on Wednesday, and the far-forwards maturing in June also closed lower at 97-1/2-99 paise from 100-102 paise previously.
In cross-currency trade, the local unit moved down against the pound while recovering against the euro and the Japanese yen.
The rupee remained weak against the pound to end at Rs 79.99/80.01 from the overnight close of 79.73/75 while it recouped against the euro to Rs 68.88/90 from Rs 68.95/97 previously.
The Indian rupee also bounced back against the Japanese yen to Rs 51.32/34 per 100 yen from Rs 51.91/93 yesterday.
At the Interbank Foreign Exchange market, the domestic unit resumed higher at 48.40/42 a dollar against yesterday's close of 48.52/53.
Later it moved in a range of 48.32 and 48.50 per dollar before ending the day at 48.4450/4550.
The main reason for the recovery in the rupee was a smart rebound in the Indian Benchmark Sensex, which shot up by 387.92 points or 2.61 per cent.
Asian indices also displayed a firm trend at close today. The dollar's weakness against major world currencies also aided rupee sentiment. The US currency declined today, edging close to a seven-week low against the euro and its major rivals.
Hopes of increased capital inflows in the capital markets after firm trends in local equity markets also boosted rupee sentiment.
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According to Sebi data, capital inflows amounted to USD 612.30 million in the last seven days.
Global crude oil prices were quoting above USD 65 a barrel in Asian trade today.
The Reserve Bank of India, however, fixed the reference rate for the US dollar at Rs 48.44 and for the euro at Rs 69.07.
The rupee premiums on the forward dollar ended further lower following sustained receivings by exporters.
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The benchmark six-month forward dollar premium payable in December ended at 47-1/2-49 paise, down from 49-51 paise on Wednesday, and the far-forwards maturing in June also closed lower at 97-1/2-99 paise from 100-102 paise previously.
In cross-currency trade, the local unit moved down against the pound while recovering against the euro and the Japanese yen.
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The rupee remained weak against the pound to end at Rs 79.99/80.01 from the overnight close of 79.73/75 while it recouped against the euro to Rs 68.88/90 from Rs 68.95/97 previously.
The Indian rupee also bounced back against the Japanese yen to Rs 51.32/34 per 100 yen from Rs 51.91/93 yesterday.
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