Business Daily from THE HINDU group of publications
Friday, Jul 13, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jul 13, 2007 ePaper |
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Money & Banking
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Forex Rupee sheds 10 paise against dollar
Mumbai, July 12 The rupee weakened by about 10 paise against the dollar on Thursday due to dollar buying by banks and major corporate houses. The domestic currency saw a two-way movement today. It opened at 40.38/39 and quickly strengthened to 40.35 which was the intra-day high; the rupee then shed its gain due to dollar buying and saw an intra-day low of 40.7450. The home currency closed at 40.50, down from the previous close of 40.40. “The Reserve Bank of India was seen at various levels in the market; banks and corporate houses were also seen buying dollars which weakened the rupee,” said Mr Paresh Nayar, Chief Dealer, Development Credit Bank. The other major currencies were seen appreciating against the dollar on Thursday according to market participants who expect the rupee to appreciate to 40.35 this week. In forwards, the six-month premia closed at 2.09 per cent (1.87 per cent) and the 12-month closed at 2.02 per cent (1.98 per cent). — Our Bureau
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