Rupee surges further by 22.50 paise
Sunday, 26 July 2009
MUMBAI, July 25 (PTI): Buoyed by a weak dollar overseas, the Indian rupee yesterday surged by another 22.50 paise to 48.22/23 against the US currency in tandem with firm equity markets amid some dollar demand from oil refiners.
In otherwise restricted activity at the Interbank Foreign Exchange market, the domestic currency moved in a small range of 48.20 and 48.41 during the day after resuming higher at 48.40/41 a dollar against its last close of 48.4450/4550 a dollar.
Forex dealers said the rupee drew support from positive Foreign Institutional Investor (FII) activity in equity markets, raising hopes of increased capital inflows.
They said oil refiners, however, were seen making some dollar purchases.
After gaining by nearly 388 points the Indian benchmark Sensex Friday improved further by about 148 points or 0.97 per cent. Asian indices also ended in the green, supporting rupee sentiment.
Meanwhile, global crude oil prices were quoting above USD 67 a barrel in London for the eighth straight day, the longest rally so far in 2009.
The Reserve Bank of India (RBI), however, fixed the reference rate for the US dollar at Rs 48.38 and for the euro at Rs 68.63.
The rupee premiums on the forward dollar ended slightly better on stray paying pressure from banks and corporates.
The benchmark six-month forward dollar premium payable in December ended at 48-49-1/2 paise, up from 47-1/2-49 paise Thursday and the far-forwards maturing in June also finished better at 98-99-1/2 paise from 97-1/2 99 paise previously.
In cross-currency trade, the local unit recovered against the pound and improved further against the euro and the Japanese yen.
The rupee bounced back against the pound to end at Rs 79.37/39 from the last close of Rs 79.99/80.01 while it strengthened against the euro to Rs 68.69/71 from Rs 68.88/90 previously.
The Indian rupee also hardened against the Japanese yen to Rs 50.88/90 per 100 yen from Rs 51.32/34 Thursday.
In otherwise restricted activity at the Interbank Foreign Exchange market, the domestic currency moved in a small range of 48.20 and 48.41 during the day after resuming higher at 48.40/41 a dollar against its last close of 48.4450/4550 a dollar.
Forex dealers said the rupee drew support from positive Foreign Institutional Investor (FII) activity in equity markets, raising hopes of increased capital inflows.
They said oil refiners, however, were seen making some dollar purchases.
After gaining by nearly 388 points the Indian benchmark Sensex Friday improved further by about 148 points or 0.97 per cent. Asian indices also ended in the green, supporting rupee sentiment.
Meanwhile, global crude oil prices were quoting above USD 67 a barrel in London for the eighth straight day, the longest rally so far in 2009.
The Reserve Bank of India (RBI), however, fixed the reference rate for the US dollar at Rs 48.38 and for the euro at Rs 68.63.
The rupee premiums on the forward dollar ended slightly better on stray paying pressure from banks and corporates.
The benchmark six-month forward dollar premium payable in December ended at 48-49-1/2 paise, up from 47-1/2-49 paise Thursday and the far-forwards maturing in June also finished better at 98-99-1/2 paise from 97-1/2 99 paise previously.
In cross-currency trade, the local unit recovered against the pound and improved further against the euro and the Japanese yen.
The rupee bounced back against the pound to end at Rs 79.37/39 from the last close of Rs 79.99/80.01 while it strengthened against the euro to Rs 68.69/71 from Rs 68.88/90 previously.
The Indian rupee also hardened against the Japanese yen to Rs 50.88/90 per 100 yen from Rs 51.32/34 Thursday.