Financial Daily from THE HINDU group of publications
Friday, Jun 04, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 04, 2004 |
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Forex Money & Banking - Forex Rupee gains 14 paise Our Bureau
Mumbai , June 3 WHILE stocks suffered a setback after the Finance Minister's visit to the city, the rupee gained 14 paise, thanks to central bank support and global weakening of the US dollar. The domestic currency ended the day on Wednesday at 45.24/25, levels last seen a fortnight ago. It is up 14 paise from Wednesday's close of 45.38/39 in its value against the greenback. The rupee opened the day at 45.35/37. While there was no demand from FIIs for the dollar, gold importers were seen purchasing dollars. Meanwhile, the BSE Sensex closed 105 points down from the previous close. State-run banks were seen selling dollars in the market perhaps on behalf of the central bank in the last one hour of trading, said dealers. In the dollar forward market, forwards had slipped into discount in the early half of the day but ended in premium. The six-month premium closed at 0.22 per cent (0.20 per cent) and the one-year forward closed at 0.26 per cent (0.25 per cent).
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