ID :
60844
Sat, 05/16/2009 - 05:16
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Shortlink :
https://www.oananews.org//node/60844
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Rupee up against dollar on the back of Sensex rise
Rupee up against dollar on the back of Sensex rise
Mumbai, May 15 (PTI) Cutting short a two-day losing
steak, the Indian rupee Friday ended at 49.40/42 against the
dollar, up 37 paise, as local stocks rallied smartly amid
sustained capital inflows into the equity.
The Interbank Foreign Exchange (forex) market witnessed
active trade during the day with the domestic currency moving
in a range of 49.38 and 49.68 after resuming firm at 49.60/62
a dollar from its previous close of 49.77/78 a dollar.
Forex dealers said the rupee drew support mainly from a
turnaround in equity markets, which is expected to remain
bullish for a short term with an increasing flow of portfolio
investments.
They said the absence of any major dollar demand from
importers and hopes of early revival in economic growth also
bolstered rupee sentiment.
Foreign institutional investors have pumped in nearly USD
1,940 million into equity so far in May and expect to step
up investment after the election results.
There was a massive pull-out out by FIIs in the past one
year as the US mortgage crisis hit the global economies.
The Indian benchmark Sensex jumped by a whopping 300.51
points or 2.53 per cent Friday. Asian indices to closed in
positive territory.
The Reserve Bank of India (RBI) fixed the reference rate
for the US dollar at Rs 49.55 and for the euro at Rs 67.38.
Rupee premiums on the forward dollar ended marginally
lower on fresh receivings from exporters.
The benchmark six-month forward dollar premium payable in
October ended at 63-65 paise, lower from 65-1/2-67-1/2 paise
on Thursday, and the far-forwards maturing in April also ended
down at 108-110 paise from 111-1/2-113-1/2 paise previously.
In cross-currency trade, the Indian rupee also advanced
further against the pound sterling and the euro and bounced
back against the Japanese yen.
The domestic currency moved up against the pound sterling
to end the day at Rs 75.01/03 from its last close of Rs
75.10/12 and spurted against the euro to Rs 66.97/99 against
its last close of Rs 67.46/48.
It also recovered smartly against the Japanese yen to
settle the day at Rs 51.98/52.00 per 100 yen from its
last close of Rs 52.21/23 per 100 yen. PTI JCG
AM
NNNN
Mumbai, May 15 (PTI) Cutting short a two-day losing
steak, the Indian rupee Friday ended at 49.40/42 against the
dollar, up 37 paise, as local stocks rallied smartly amid
sustained capital inflows into the equity.
The Interbank Foreign Exchange (forex) market witnessed
active trade during the day with the domestic currency moving
in a range of 49.38 and 49.68 after resuming firm at 49.60/62
a dollar from its previous close of 49.77/78 a dollar.
Forex dealers said the rupee drew support mainly from a
turnaround in equity markets, which is expected to remain
bullish for a short term with an increasing flow of portfolio
investments.
They said the absence of any major dollar demand from
importers and hopes of early revival in economic growth also
bolstered rupee sentiment.
Foreign institutional investors have pumped in nearly USD
1,940 million into equity so far in May and expect to step
up investment after the election results.
There was a massive pull-out out by FIIs in the past one
year as the US mortgage crisis hit the global economies.
The Indian benchmark Sensex jumped by a whopping 300.51
points or 2.53 per cent Friday. Asian indices to closed in
positive territory.
The Reserve Bank of India (RBI) fixed the reference rate
for the US dollar at Rs 49.55 and for the euro at Rs 67.38.
Rupee premiums on the forward dollar ended marginally
lower on fresh receivings from exporters.
The benchmark six-month forward dollar premium payable in
October ended at 63-65 paise, lower from 65-1/2-67-1/2 paise
on Thursday, and the far-forwards maturing in April also ended
down at 108-110 paise from 111-1/2-113-1/2 paise previously.
In cross-currency trade, the Indian rupee also advanced
further against the pound sterling and the euro and bounced
back against the Japanese yen.
The domestic currency moved up against the pound sterling
to end the day at Rs 75.01/03 from its last close of Rs
75.10/12 and spurted against the euro to Rs 66.97/99 against
its last close of Rs 67.46/48.
It also recovered smartly against the Japanese yen to
settle the day at Rs 51.98/52.00 per 100 yen from its
last close of Rs 52.21/23 per 100 yen. PTI JCG
AM
NNNN
