ID :
200484
Wed, 08/10/2011 - 21:39
Auther :
Shortlink :
https://www.oananews.org//node/200484
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Rupee falls for 7th day to end at 11-week low against dollar
Mumbai, Aug 10 (PTI) The rupee fell for the seventh
session in a row on Wednesday closing down by 5 paise at an
11-week low against the dollar as strong demand for the US
currency washed out early gains, despite smart recovery in
stock markets.
At the Interbank Foreign Exchange (Forex) market, the
rupee ended at 45.25/26, a loss of 5 paise over last close.
The domestic currency opened strong at 45.01/02 a dollar
and touched a high of 44.95 on strong jump in equities.
However, sustained dollar demand from importers, mainly
oil refiners, in the later part of the day weighed on the
sentiment and the rupee fell back to a low of 45.29 before
closing at 45.25/26, dealers said.
The BSE Sensex jumped by 273 points to regain the 17,000
mark as investors picked up equities globally at bargain
levels after the US Fed decided to keep interest rates at all
time low to check economic dip.
"The rupee was not able to sustain initial gains on
account of crashing premiums in the forward market. Steep fall
in the premiums was on account of demand for dollar to make
oil payments to Iran. India owes about USD 4 billion to Iran
for its crude oil imports from the former," India Forex
Advisors CEO Abhishek Goenka said.
The rupee premium for the forward dollar crashed further
on sustained receivings by exporters. The benchmark six-month
forward dollar premium payable in January tumbled to 52-56
paise from Tuesday's close of 82-1/2-84-1/2 paise.
Far-forward contracts maturing in July also slumped to
118-122 paise from 152-154 paise previously.
"However, the positive equities supported the rupee.
Markets all over the world entered in green after Fed governor
Ben Bernanke gave a statement that they are not going to hike
the key interest rates 'at least' till mid 2013," he added.
The dollar index remained weak against a basket of
currencies, while the New York crude oil was trading above USD
82 a barrel in European market today.
The RBI fixed the reference rate for the dollar at Rs
45.2058 and the euro at Rs 64.7633.
The rupee recovered against the pound sterling to settle
at Rs 73.51/53 from Tuesday's close of Rs 73.92/94 while
remained weak at Rs 64.94/86 per euro from Rs 64.50/52.
It dipped against the Japanese yen to Rs 59.12/14 per 100
yen from last close of Rs 58.65/67.
session in a row on Wednesday closing down by 5 paise at an
11-week low against the dollar as strong demand for the US
currency washed out early gains, despite smart recovery in
stock markets.
At the Interbank Foreign Exchange (Forex) market, the
rupee ended at 45.25/26, a loss of 5 paise over last close.
The domestic currency opened strong at 45.01/02 a dollar
and touched a high of 44.95 on strong jump in equities.
However, sustained dollar demand from importers, mainly
oil refiners, in the later part of the day weighed on the
sentiment and the rupee fell back to a low of 45.29 before
closing at 45.25/26, dealers said.
The BSE Sensex jumped by 273 points to regain the 17,000
mark as investors picked up equities globally at bargain
levels after the US Fed decided to keep interest rates at all
time low to check economic dip.
"The rupee was not able to sustain initial gains on
account of crashing premiums in the forward market. Steep fall
in the premiums was on account of demand for dollar to make
oil payments to Iran. India owes about USD 4 billion to Iran
for its crude oil imports from the former," India Forex
Advisors CEO Abhishek Goenka said.
The rupee premium for the forward dollar crashed further
on sustained receivings by exporters. The benchmark six-month
forward dollar premium payable in January tumbled to 52-56
paise from Tuesday's close of 82-1/2-84-1/2 paise.
Far-forward contracts maturing in July also slumped to
118-122 paise from 152-154 paise previously.
"However, the positive equities supported the rupee.
Markets all over the world entered in green after Fed governor
Ben Bernanke gave a statement that they are not going to hike
the key interest rates 'at least' till mid 2013," he added.
The dollar index remained weak against a basket of
currencies, while the New York crude oil was trading above USD
82 a barrel in European market today.
The RBI fixed the reference rate for the dollar at Rs
45.2058 and the euro at Rs 64.7633.
The rupee recovered against the pound sterling to settle
at Rs 73.51/53 from Tuesday's close of Rs 73.92/94 while
remained weak at Rs 64.94/86 per euro from Rs 64.50/52.
It dipped against the Japanese yen to Rs 59.12/14 per 100
yen from last close of Rs 58.65/67.
