Business Daily from THE HINDU group of publications
Thursday, Jun 26, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jun 26, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Forex Rupee gains 23 paise Mumbai, June 25 The rupee appreciated by about 23 paise after the Reserve Bank of India raised repo rate and CRR. The rupee opened at 42.88/90 and touched the day’s low of 42.92/93, before closing at 42.73/74, higher from the previous close of 42.96/97. According to the chief forex dealer with a private bank, the rupee strengthened on the belief that the RB I may try to support the rupee in its fight against inflation. However, the central bank was not seen selling dollars in the market today, he said. The positive reaction of the domestic equity market to the rate hikes was another reason why the rupee moved up, the dealer. In the global markets, overseas currencies did not see much movement against the dollar, ahead of the meeting of the US Federal Reserve later today. In the forward premia market, the six month closed at 4.51 per cent (4.3 per cent) and the 12-month at 4 per cent (3.83 per cent). — Our Bureau More Stories on : Forex
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