Friday, June 5, 2009

Rupee stronger by ten paise at 47.10 per USD

The Rupee today recovered by ten paise to settle at 47.10/12 against the Dollar on fresh selling pressure on the greenback by dealers in view of bullish trend at the local share markets.

Rupee was virtually unchanged in low volume trade in line with other Asian currencies as the steady stock market failed to provide direction.

The partially convertible rupee resumed firm at 47.13 a dollar and later was quoted at 47.04/05 per dollar, stronger than its previous close of 47.20/21. On Wednesday, the rupee rose to as much as 46.75, its highest since Nov 5 last year.

Rupee fluctuated in a narrow range between 47.04 and 47.18 a dollar in intra day trade.

Dealers said the central bank was likely to buy dollars via state-run banks at around 47.05 as the rupee failed to breach that mark for over three hours, but others said the unit was just tracking the steady share markets and other Asian units.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 47.08 per US dollar, down by eight paise, against its yesterday's rate of Rs 47.16 per USD.

The Euro too slipped by 11 paise to Rs 66.86 per unit from its previous rate of Rs 66.97 per unit, a RBI release said.

The exchange rates for Pound and Japanese Yen were quoted at Rs 75.7093 (Rs 76.8048) per Pound and Rs 48.68 (Rs 49.04) per 100 units of Yen, the release added.

Meanwhile, the six-month and annualised forward dollar premium were at 2.75 (2.81) per cent and 2.36 (2.39) per unit respectively.

The rupee recovered modestly today as Euro was quoted at 66.86/88 (66.62/63) per unit, Pound at 76.14/16 (76.53/55), while Japanese Yen closed at 48.30/32 (48.81/83) per unit.

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