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Mumbai, Oct. 13

After crossing the 49-mark last week, the rupee recovered against the dollar on Monday, though the intra-day movement was range-bound. The Sensex surged by over 780 points following comments by the Finance Minister that the Government would take further steps, if necessary, to improve the tight liquidity situation. The positive sentiment in the equities and the 150 basis points cut in CRR, which came into effect on Saturday, helped the rupee gain, said dealers. The rupee o pened at 48.35 and closed at 48.25, against Friday’s close of 48.46. During the day, the rupee touched a high of 48. According to the chief forex dealer with a private sector bank, the rupee was expected to be range-bound, as the impact of the CRR was already factored in. But the market is waiting for more positive news. “The market has reacted positively, but it is cautious. It is driven mostly by sentiment,” said the dealer. In the forward premia the six-month closed at 0.45 per cent (0.06 per cent), while the 12-month closed at 0.39 per cent (0.15 per cent).

— Our Bureau

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