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

Our Bureau

Mumbai, April 5

The rupee breached the psychological level of 43 and surged to close at an eight-year high of 42.92/93 on Thursday. The currency gained by around 16 paise as banks built short-positions on dollars. The home currency opened at 43.02/04 and rose to see an intra - day low of 43.20 before closing at 42.92/93 against Wednesday's close at 43.08/09.

Dealers said the currency was at 43.15 for most of the day and the surge came as a surprise. "There was strong dollar selling by banks as traders were perhaps not expecting the central bank to intervene in the market," said a dealer with a private bank. Market participants expect the rupee to appreciate further to 42.80 next week. In forwards, premia 6-month closed at 5.41 per cent (5.11) and 12-month closed at 4.27 per cent (4.11).

More Stories on : Forex

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

Stories in this Section
Rupee closes on high note

Copyright © 2007, 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