Rupee gains 14 paise to 52.54/55 against the dollar

PTI Mumbai | Updated on April 25, 2012

RUPEE   -  Business Line

Snapping two days of losing streak, the rupee gained 14 paise to close on Wednesday at 52.54/55 against the American currency on fresh dollar selling by banks and exporters amid weak local equity market.

The local unit resumed slightly higher at 52.66/67 per dollar at the Interbank Foreign Exchange (Forex) market. It traded in the range of 52.47 and 52.74, before ending at 52.54/55 per dollar.

Fresh selling of dollar by banks and exporters on the back of weak dollar in the New York market boosted the rupee’s value against the American currency, a forex dealer said.

The dollar index was down by 0.06 per cent against a basket of currencies while New York crude oil was trading above $104.11 a barrel.

Meanwhile, in volatile trade, the BSE benchmark Sensex lost 56 points to end at 17,151.29.

India Forex Advisors CEO Mr Abhishek Goenka said, “The rupee ended on a firm note against US dollar on the back of selling of dollar by the exporters.”

The rupee premium for the forward dollar ended mixed on alternate bouts of buying and selling.

The benchmark six-month forward dollar premium payable in September finished slightly lower at 162-164 paise from 163-165 paise while far-forward contracts maturing in March closed higher at 305-307 paise from 304-306 paise.

The RBI fixed the reference rate for the US dollar at 52.4850 and for euro at 69.2520.

The rupee recovered to end at 84.59/61 against the pound sterling from Tuesday’s close of 85.12/14 and moved up against the euro to 69.37/39 from 69.40/42 previously.

It, also recouped against the Japanese yen to 64.69/71 per 100 yen from last close of 64.92/94

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Published on April 25, 2012
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