• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, July 20

The rupee recovered its losses against the dollar in tandem with the strengthening of other major currencies.

The US Fed Governor's dovish signal on interest rates drove the dollar down against all major currencies. The euro and the pound gained around 300 basis points from Wednesday's low. The domestic currency opened at 46.81/83, up from Wednesday's close at 46.99/47. It then weakened to 46.85/86 on the back of oil-related dollar demand. However, dollar selling by exporters towards the end of the session caused the rupee to close firm at 46.78/79. The rise in the domestic stock market also improved sentiment in the forex market. "If the rupee breaks 46.70 then it could strengthen to 46.50. It would depend on whether concerns about the rising price of oil are quelled," said a dealer at a private bank. In the forward premia market, the 6-month closed at 0.94 (1.03) and the 12-month ended at 1.1 per cent (1.18).

More Stories on : Forex

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
The case for outsourcing banking services

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line