Money & Banking

Rupee rises by 5 paise

PTI Mumbai | Updated on May 11, 2011 Published on May 11, 2011

rupee

The rupee rose by 5 paise on Wednesday to close at 44.69/70 against the US currency on fresh selling of dollars by banks on weak global cues, amid a firm trend in equity market.

Fresh selling of dollars by banks in view of the weak dollar in overseas markets mainly boosted the rupee value against the dollar, a forex dealer said. The rupee premium for the forward dollar closed higher on fresh paying pressure from banks and corporates.

The benchmark six-month forward dollar premium payable in October ended higher at 145-147-1/2 paise from Tuesday's close of 145-146 paise. Far-forward contracts maturing in April also finished up at 294-1/2-296-1/2 paise from 290-292 paise on Tuesday.

The RBI has fixed the reference rate for the dollar at Rs 44.69 and the euro at Rs 64.39.

Published on May 11, 2011
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