Business Daily from THE HINDU group of publications
Tuesday, Dec 25, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Dec 25, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Rupee rises on dollar selling Mumbai, Dec 24 The rupee strengthened by 10 paise to close at 39.44/ 45 against the greenback on Monday, backed by good dollar selling throughout the day, said dealers. The rupee saw a two-way movement today. The home currency opened at 39.46/48 and saw an intra-day high of 39.43 on dollar selling, before ending the day at 39.44/45, up from the previous close of 39.54/55. "There was all round dollar selling in the market today. Apart from exporters, some custodial selling was also seen," said a dealer at a private bank. The rupee also saw an intra-day low of 39.53 as the central bank was buying dollars through state-run banks in order to cap the appreciation of rupee, said dealers. Foreign exchange dealers said that the rupee would trade in the range of 39.40-39.50 this week. In forwards, the six-month premia closed at 1.69 per cent (1.53 per cent) and the 12-month closed at 1.25 per cent (1.15 per cent). - Our Bureau More Stories on : Forex
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