The Hindu Business Line : Rupee gains 13 paise

The rupee gained 13 paise against the dollar on Friday mainly due to heavy selling of dollars by big corporate houses. The currency opened at 43.02/05 and touched an intra-day high of 42.71. It closed at 42.87/88, against the previous close of 43. Big corporate houses and exporters were seen selling dollars, which helped the rupee reach an intra-day high of 42.71, said a dealer with a private bank. But the rupee closed at 42.87/88, pulled down by stock market losses, he added.

In the non-deliverable forward market, dollars were sold as participants were seen unwinding their positions as the rupee strengthened. With oil prices hovering at $146 per barrel and inflation at 11.89 per cent, the rupee is expected to be in the range of 43-43.10 next week, said forex dealers. In the forward market, the 6-month premium closed higher at 5.18 per cent (4.68) and the 12-month ended at 4.46 per cent (4.05).

— Our Bureau

More Stories on : Forex

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

Stories in this Section
Reliance Money to pick up stake in NMCE

Forex reserves down $3.4 b

Rupee gains 13 paise

BAG targets rural biz

India’s rating may be downgraded, says S&P

Zensar bags Kotak Mahindra Bank contract

Rate hike looks certain; will it be on July 29?

Bonds volatile, end lower

Small borrowal accounts declining

Non-food credit up Rs 52,360 cr

Call rate ends higher

TMB hikes rates on deposits

Lakshmi Vilas to focus on low-cost deposits