Business Daily from THE HINDU group of publications
Tuesday, Nov 06, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Nov 06, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Rupee steady in choppy trade Mumbai, Nov. 5 The rupee saw a choppy trade on Monday. The home currency opened at 39.38/40 against the dollar and remained in that range during the major part of the day. It, however, strengthened later in the evening following the statements made by the Union Finance Minister, Mr P Chidambaram. "The rupee strengthened to 39.23/24 in the evening following statements made by the Minister," said a dealer with a private bank. But at this level, the Reserve Bank of India stepped in to buy dollars to cap the appreciation of rupee, he added. The rupee closed at 39.32, two paise up from the previous close of 39.30/31. Foreign exchange dealers feel the market would take positive cues from the statements and the rupee would open higher and strengthen further on Tuesday. In forwards, the six-month premia closed at 1.48 per cent (1.37 per cent) and the 12-month at 1.15 per cent (1.10 per cent). - Our Bureau More Stories on : Forex
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