The Hindu Business Line : Rupee rises on dollar inflows

The rupee appreciated against the dollar due to foreign investment inflows into the market. The domestic currency opened at 43.51/52 and touched an intra-day high of 43.34/35. It then dropped to end the day finally at 43.42/43, against the previous close at 42.51/52. Forex dealers said that the sudden dollar inflows may have been part of Volvo’s $275-million investment in the Eicher Motors. The rupee, however, trimmed some of its gains on dollar demand from importers and profit booking by banks.

“This is a one-time inflow and the rupee could depreciate again next week,” said a dealer at a private bank. In the forward premia market, the 6-month closed at 3.77 per cent (3.89 per cent) and the 12-month ended at 3.05 per cent (3.11 per cent).

— Our Bureau

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