Rupee jumps 37 paise to 50.50 vs dollar

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The rupee advanced further by 37 paise to 50.50 against the American currency in the late morning trade due to persistent selling of dollar by banks and exporters in view of sustained foreign capital inflows amid firm equity markets.

The rupee resumed higher at 50.65/66 per dollar at the Interbank Foreign Exchange (Forex) market against the last Friday’s close of 50.87/88 per dollar and shot up further to 50.50 before quoting at 50.60/61 per dollar at 10.30 am.

The domestic currency hovered in a range of 50.50 per dollar and 50.70 per dollar in the morning deals.

Persistent selling of dollar by banks and exporters in view of continued foreign capital inflows into the equity market mainly boosted the rupee value against the dollar, a forex dealer said.

In New York, the US dollar pared gains against the euro yesterday after a report showed strength in the US manufacturing sector, in contrast to the one showing the sector weakened in Europe.

The forex and money market were closed yesterday for annual account closing. The BSE benchmark Sensex rose 105.66 points or 0.6 per cent to 17,583.81 in early trade.

Meanwhile, crude oil retreated in early Asian trade today as investors took profits from overnight gains, while weak euro zone manufacturing data also pressured prices, analysts said.

New York’s main contract, West Texas Intermediate crude for delivery in May, shed 28 cents to $104.95 per barrel.

(This article was published on April 3, 2012)
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