Money & Banking

Rupee strengthens on weak dollar

Mumbai | Updated on March 11, 2011 Published on March 11, 2011

The rupee strengthened against the dollar despite the over 300 points fall in Sensex. The dollar was weak against all global currencies because of rising oil prices, said forex dealers. The rupee opened at 45.85 and closed at 45.75, against the previous close of 45.90/91. “The rupee's gain was surprising considering that the equity markets fell. There was dollar selling by foreign banks, which perhaps helped the rupee gain,” said a forex dealer with a private bank. In the overseas market, the dollar weakened against all other global currencies on higher oil prices. “Only if the oil crisis is resolved will the dollar strengthen,'' the dealer said. In the forward premia market, the six-month closed at 6.48 per cent (6.47 per cent) and the one-year at 6 per cent (5.81 per cent). —

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Published on March 11, 2011
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