Financial Daily from THE HINDU group of publications
Tuesday, Oct 12, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 12, 2004 |
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Money & Banking
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Forex Rupee pares gains Our Bureau
MUMBAI: The rupee pared gains as it closed at 45.84/85 per dollar after it had touched the highest level in nearly a month at 45.7450. The domestic currency had closed at 45.81/82 against the greenback on October 8. In the morning session the rupee strengthened to an intra-day high of 45.7450 per dollar, aided by dollar weakness overseas coupled with selling of greenbacks by exporters, dealers said. Heavy demand for dollars from a large corporate house led to the rupee's slide during late afternoon, they added. "State- run banks were also seen buying dollars in the evening," said a trader at a private sector bank. NTPC inflows are expected to prop up the rupee tomorrow, he added. The forwards inched up - - the six-month forward closed at 2.65 per cent (2.45 per cent) and the twelve-month closed at 2.20 per cent (2.05 per cent).
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