Business Daily from THE HINDU group of publications
Thursday, Sep 27, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Sep 27, 2007 ePaper |
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Money & Banking
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Forex Rupee firmer by 4 paise Our Bureau Mumbai, Sept. 26 The rupee strengthened by four paise against the greenback on Wednesday owing to strong inflows into the domestic stock market. The domestic currency closed at 39.70/ 71, up from the previous close of 39.74. The rupee opened at 39.70/71 and remained range- bound during the major part of the day. The home currency, however, saw an intra-day high of 39.62 spurred by good dollar supplies. "The central bank stepped in at this level and was seen buying dollars in order to cap the appreciation of rupee. The rupee then gave up its gains a bit and weakened to 39.75 levels, before ending the day at 39.70/71," said a dealer with a private bank. Foreign exchange dealers expect the rupee to appreciate further and touch 39.60 levels tomorrow. In forwards, the six-month premium closed at 1.14 per cent (1.26 per cent) and the 12-month at 1.27 per cent (1.35 per cent).More Stories on : Forex
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