Business Daily from THE HINDU group of publications
Wednesday, Jan 23, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Jan 23, 2008 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
Money & Banking
-
Forex Rupee gains 6 paise Mumbai, Jan 22 The rupee mirrored the movement of the stock market on Tuesday and gained about six paise against the US dollar. The rupee opened weaker at 39.70/72 and closed at 39.49 against the previous close of 39.55/56. "The rupee's movement is in line with the stock market. The statement by the Finance Minister asking investors not to worry helped the stock market. This in turn helped the spot rupee also to recover," said a forex dealer with a private bank. Heavy dollar selling by exporters and corporates also helped the rupee recover. The Reserve Bank of India probably sold dollars when the rupee touched the day's low at 39.75, the dealer said. "Just as the RBI kept the rupee from appreciating too much, it is probably trying to protect the rupee from losing heavily, in order to avoid volatility." Other global currencies also gained against the US dollar compared to yesterday's levels. In the forwards market, the six month-premia closed at 1.79 per cent (1.74 per cent) and the 12-month at 1.45 per cent (1.43 per cent). - Our Bureau More Stories on : Forex
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, 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
|