Rupee snaps one-week losing streak, up by 11 paise vs dollar

Mumbai, June 19 (PTI) Snapping its one-week losing
streak, the Indian rupee gained by 11 paise to 48.08/09
against the dollar on expectations of fresh capital inflow
from foreign funds in equity markets and a slight weakness in
the US currency overseas.

The domestic unit opened higher 48.17/18 against
Thursday's close of Rs 48.19/20 per dollar and firmed further
to end at Rs 48.08/09 a dollar, showing a net gain of eleven
paise.

The Indian rupee hovered in a range of Rs 48.27 per
dollar and Rs 48.07 per dollar during the day.

It had dropped by 95 paise or 2.01 per cent in the last
seven days.

The Indian benchmark Sensex ended higher by 256.36 or
1.80 per cent a following series of measures announced SEBI to
boost investor confidence in stock markets.

Asian stock markets also ended higher today after Dow and
S&P 500 gained on Thursday, breaking a three-day losing
streak, as data on job markets and regional manufacturing
revived hopes that the recession-hit economy is stabilising.

Global crude oil prices rose to USD 72 a barrel today,
gaining for a third day, suppported by views at equity
markets that the economy may be stabilising.

The Reserve Bank of India set the reference rate for the
US dollar at Rs 48.13 and for the euro at Rs 67.03.

The rupee premiums on the forward dollar ended marginally
higher on mild paying pressure from banks and corporates.

The benchmark six-month forward dollar premium payable in
November edged up to 60-1/2-62-1/2 paise from 60-62 paise on
Thursday and the far-forwards maturing in May also finished
slightly higher at 111-1/2-113-1/2 paise from 111-113 paise
previously.

In cross-currency trade,the Indian rupee declined further
against the pound sterling but it recovered against the euro
and the Japanese yen.

The domestic currency declined further against the pound
sterling to end at Rs 79.00/02 from Rs 78.32/34 yesterday
while it recouped against against the euro to Rs 66.98/67.00
from its previous closing level of Rs 67.18/20.

The Indian rupee firmed up against the Japanese yen to
Rs 49.66/68 per 100 yen from yesterday's closing level of
Rs 50.25/27 per 100 yen. PTI RSU
AM
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