The Hindu Business Line : Rupee up 90 paise

The rupee gained by about 90 paise against the dollar on Friday, as corporates and exporters sold dollars. “The appreciation in the rupee was quite substantial and unexpected,” said a forex dealer with a private bank. On Friday, the domestic currency opened at 49.39/42 and touched a low of 49.48/49. This was followed by some large corporates selling dollars, which pushed the rupee to a high of 48.92/94. It closed at 48.98, against Wednesday’s close of 49. 30/32. In the earlier session, the rupee had fallen by Rs 1.20 against the dollar, the sharpest single day fall in the recent past, on heavy dollar demand. The forward premia also moved down significantly with the six-month closing at 2.16 per cent (2.49 per cent) and the 12-month at 1.55 per cent (1.81 per cent) “These levels are temporary and the rupee will not remain strong for very long. Next realistic range for the rupee is 49-49.50,” the dealer said.

— Our Bureau

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