The Hindu Business Line : Rupee gains 10 paise

The rupee gained by around 10 paise against the greenback due to dollar selling by banks. The domestic currency opened at 43.70/72 and weakened to touch an intra-day low 43.90/91. It recovered to close at 43.76, against the previous close of 43.85/86. The rupee opened stronger as the dollar weakened against other major currencies overseas. However, dollar buying to make arbitrage profits, along with oil prices crossing $117 per barrel, pushed the rupee to its day’s l ow, said a dealer with a private bank. However, it recovered after banks started selling dollars when the rupee crossed 43.90, seemingly on instructions from the Reserve Bank of India. The rupee touched the day’s high of 43.64/65, before profit-taking pulled it down to its day’s close, added the dealer. In the forward market, the 6-month premium closed at 2.93 per cent (2.98) and the 12-month ended at 2.55 per cent (2.54).

— Our Bureau

More Stories on : Forex

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Banks likely to get farm debt waiver compensation after first supplementary

Photon Capital shares listed on BSE

Rupee gains 10 paise

Srei Equipment Fin to fund medical, IT kit projects

Cleartrip ties up with Tata AIG

IRDA sets limits on brokerage

Business correspondent norms

Andhra Bank coin distribution

IDenizen ties up with Corporation Bank

Bonds end flat in volatile market

Call rate ends lower

SBI extends debit card cash back campaign

‘Prudent underwriting has helped us earn profits’

Banks see liquidity staying tight for some more time