The Hindu Business Line : Rupee recoups early lossses

The rupee was flat against the dollar on Friday, recovering almost all of its initial losses. The currency opened lower at 42.18/20 and weakened further to touch an intra-day low of 42.27/28. It recovered to close at 42.05/06, against the previous close of 42.07/ 08. With oil prices rising to $121 per barrel in the morning, the demand for dollar increased. This pulled the rupee down, said a dealer with a private bank.

However, the rupee gained in the latter half of trade due to selling of dollars by corporates and as oil prices fell to $117 per barrel, added the dealer. Another dealer said that speculative buyers turned sellers in the latter part of the day. The rupee is expected to be in the range of 42-42.30 next week, but a lot of it will depend on the movement of oil prices, said a forex dealer. In the forward market, the 6-month premium closed lower at 4.32 per cent (4.59) and the 12-month ended at 3.50 per cent (3.74). - Our Bureau

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