Business Daily from THE HINDU group of publications
Friday, Feb 22, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Feb 22, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Rupee recovers on dollar sales Mumbai, Feb 21 The rupee, which breached the psychological mark of 40 and depreciated by almost 28 paise on Wednesday, today saw straight gains and went up to close at 39.93. "It was a one-way movement in the market today. There was huge selling of dollars by banks and some large corporates," said a dealer at a private bank. The home currency opened at yesterday's close of 40.21/ 22 and strengthened by 29 paise to end at 39.92/93. Foreign exchange dealers who had anticipated that the rupee would weaken further said that the rupee's strengthening was mainly on account of heavy dollar selling from all counters. In the forwards, the six-month dollar forward closed at a premia of 0.59 per cent against a discount of -0.53 per cent on Wednesday. The 12-month closed at 0.81 per cent (0.33 per cent). - Our Bureau More Stories on : Forex
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