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Rupee gains against dollar

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Our Bureau

Mumbai, Oct. 12

The rupee slightly appreciated against the dollar tracking gains on the BSE and easy crude oil prices. The domestic currency opened at 45.55/60 and dropped to close at 45.63. On Wednesday, the rupee closed at 45.65.

Dealers said the rupee opened strong but gave up on some of its gains during the day. Global crude prices eased to $57.50 while stock prices climbed steeply on the BSE and that prevented a substantial rupee depreciation, said a dealer.

"The Q2 results of companies are expected to be positive and will help the stock market stay bullish. In turn it could bring in more dollars for the rupee to appreciate to 45.50," said a dealer at a private bank. In the forwards, the 12 month premium was unchanged at 1.42 per cent and the 6 month ended 1.40 (1.44 per cent).

(This article was published in the Business Line print edition dated October 13, 2006)
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