• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Mumbai, Oct. 3

The rupee rose to a fresh nine-year high of 39.58 against the greenback on Wednesday backed by good dollar supplies. The currency opened at 39.85 and saw an intra-day low of 39.88/89 before closing at 39.58, about 26 paise up from the previous close of 39.84.

Forex dealers said the rupee appreciated steeply during the last hour of the trading session as the RBI was seen staying away. “Though the central bank was seen sporadically in the market at 39.70 levels, it was absent once rupee broke that level,” said a dealer with a private bank. Market participants expect the currency to strengthen further. “39.50 will be a crucial level for rupee now; if it gives way then it will be a free fall,” said Mr J. Moses Harding, Executive Vice-President, Head-Wholesale Banking Group, IndusInd Bank.

In forwards, the six-month premia closed at 1.11 per cent (0.68 per cent) and the 12-month closed at 1.05 per cent (0.85 per cent). –

Our Bureau

More Stories on : Forex

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

Stories in this Section
Visa in talks with insurers

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line