The Hindu Business Line : Rupee up on dollar selling

The rupee moved up as there was dollar selling by exporters and on inflows into the equity market. The rupee opened at 40.14/15 and touched a low of 40.25/26 during day trade. But it recovered to close at 40.11/12, higher by about six paise from the previous close of 40.17/18.

According to a forex dealer with a private bank, there was some oil-related dollar buying in the morning, which pushed the rupee to the day’s low. But later on dollar selling by banks and expor ters helped the rupee gain. It was mainly private banks and foreign banks who sold dollars. Some nationalised banks too were seen selling dollars, but it was not very significant, the dealer said.

The over 300 points gain the equity market also aided the rupee’s rise. In the overseas market the dollar was strong against the euro and yen. In the forward premia market, the six-month closed at 2.72 per cent (2.35 per cent) and the 12-month at 2.19 per cent (1.98 per cent). Though dollar supplies could be comfortable on Monday, the rupee is likely to remain weak next week. But the central bank may intervene only if the rupee crosses 40.25/30, said the dealer.

— Our Bureau

More Stories on : Forex

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

Stories in this Section
Forex reserves rise by $1.167 b

Rupee up on dollar selling

Market slump hits Andhra Bank Q4 net

LIC Housing Finance Q4 net up 32% on improved margins

United Bank posts 19.5% rise in net profit

Shriram Transport holds ‘Truck Utsav’

Union Bank’s new biz premium

SBI Life Madurai Module feat

Export credit interest ceiling validity extended

Smart cards for disbursement of social welfare benefits mooted

Govt holding consultations on loan waiver scheme

‘SBH merger with SBI likely this fiscal’

Allahabad Bank Day