The Hindu Business Line : Dollar inflows cushion rupee fall

The rupee weakened by over 10 paise tracking the slump in the domestic stock market and the rise in the price of global crude to $110 per barrel. The domestic currency opened at 40.48/50 and touched an intra-day low of 40.59. It closed the day at 40.46/47, against the previous close at 40.32/33.

However, substantial dollar inflows into the forex market helped the rupee stem its depreciation against the greenback, said a dealer at a private bank. Market participants said th at there were dollar inflows related to the Gammon IPO. “A leading private sector bank sold as much as $500 million in the market,” said a dealer. In the forward market, the 6-month closed at 1.25 per cent (0.97 per cent) and the 12-month ended at 1.02 per cent (0.86).

— Our Bureau

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