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Rupee gaines smartly against US dollar

Strong exporter dollar sales and fall in dollar against other major world currencies also boosted the rupee sentiment.

india Updated: Jun 06, 2006 04:01 IST

The Rupee on Monday extended its last weekend rally against the US dollar and closed sharply firm at Rs 45.77/79 per dollar on heavy demand by oil PSUs after steep rise in world crude oil prices.

Strong exporter dollar sales and fall in dollar against other major world currencies also boosted the rupee sentiment, dealers said.

In volatile trade at the interbank foreign exchange (forex) market here, the Indian unit opened firm at Rs 45.83/84 per dollar over previous close of Rs 45.8950/9050 a dollar and rallied further to end sharply higher at Rs 45.77/79 per dollar.

World crude oil prices rose smartly after Iran's supreme leader Ayotollah Khamenei rejected yesterday the international demand that his country suspend sensitive nucler work.

This step by Iran was likely to cause disruptions to global energy supplies, dealers said.

At 8 am, New York's main contract, light sweet crude for July delivery was up by $1.14 at $73.47 a barrel from its close of $72.33 in the US on Friday.

Meanwhile, the US currency suffered loss agaisnt most of the major currencies after disappointing non-farm payrolls data raised expectations that the Federal Reserve would pause its rate hike campain in June, they said.

The Indian currency, however, ended weak against the British pound, the euro and Japanese yen.