Business Daily from THE HINDU group of publications
Saturday, Aug 02, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Aug 02, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Forex Rupee gains 20 paise Mumbai, Aug. 1 The rupee gained almost 20 paise against the dollar on Friday thanks to gains in the domestic equity market and lower oil prices. Rumours that oil bonds may be restored also helped the rupee gain, said a dealer with a private sector bank. The rupee opened at 42.56/58 and appreciated on constant dollar-selling and closed at 48.35/36, against the previous close of 42.5750. The selling in the early part of the day was by foreign banks, while later on public sector banks also began selling dollar, said the dealer. "The rupee's movement will depend on the oil price. On Thursday when oil was at $126 for a barrel the rupee touched 42.60/65. But today as oil fell to $123, the rupee appreciated. While it is difficult to predict the next week's outlook, sentiment on the rupee will be bullish if oil remains below $125", he said. In the forward premia market, the six-month closed at 4.6 per cent (4.73 per cent) and the one-year closed at 3.88 per cent (3.98 per cent). - Our Bureau More Stories on : Forex
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