Business Daily from THE HINDU group of publications
Saturday, Jan 05, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Jan 05, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Rupee surges on dollar selling Mumbai, Jan. 4 The rupee surged against the greenback on the back of heavy dollar selling. The domestic currency opened at 39.36/38 and see-sawed between 39.32/35 and 39.29. It finally closed at 39.33/34, against the previous close at 39.40/41. Dealers said that there were heavy dollar supplies in the market. Dr Y.V. Reddy, Governor, RBI, had, on Thursday, said that it was necessary to encourage expectations of greater flexibility in the rupee exchange rate. "The 350-point upswing at the stock market added to the positive sentiment. Although, the RBI did intervene to prevent the rupee's appreciation at 39.29, the local currency held firm," said a dealer at a private bank. Market participants expect the rupee to continue appreciating and believe that 39.17 could be the next level where there may be some resistance. The rupee had touched a peak of 39.16 in November 2007 which is the strongest it has been in nearly 10 years. In the forward market, the 6-month premium closed at 1.82 per cent (1.61) and the 12-month ended at 1.38 per cent (1.24). - Our Bureau
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