Rupee rises by another 30 paise against dollar
The rupee ended higher by another 30 paise to 62.19 against the American currency on Monday on sustained selling of dollars by banks and exporters on hopes of foreign capital inflows in view of strong equity market.business Updated: Apr 06, 2015 19:51 IST
The rupee ended higher by another 30 paise to 62.19 against the American currency on Monday on sustained selling of dollars by banks and exporters on hopes of foreign capital inflows in view of strong equity market.
The local currency has now gained 48 paise or 0.77% in the last two sessions.
A weaker-than-expected US jobs data released last week has led to investors expecting a delay in the rate hike by the Federal Reserve, hoping foreign funds to continue invest in emerging markets, including India.
The rupee resumed higher at 62.10 per dollar against the last closing level of 62.49 at the Interbank Foreign Exchange (Forex) market. The domestic unit moved in a range of 62.10-62.24 during the day before concluding at 62.19, showing a gain of 30 paise or 0.48% against the dollar.
On global front also the dollar weakened across the board on Monday.
Asian oil prices rose more than USD 1 per barrel in early trade, as last week's deal between global powers and Iran on latter's nuclear program offers little chance for any significant increase in exports until 2016.
Meanwhile, the Indian benchmark BSE Sensex ended higher by 244.32 points of 0.86% to 28,504.46.
Pramit Brahmbhatt Veracity Group CEO said: "Rupee traded strong against the dollar and appreciated almost half a% to close at 62.19 ahead of the RBI's policy review tomorrow".
The trading range for the spot USD/INR pair is expected to be within 61.80 to 62.60. In the forward market, premia firmed up sharply on renewed paying pressure from corporates.
The benchmark six-month premium payable in September rose to 237.5-239.5 paise from the last weekend's level of 232-234 paise and forward contracts maturing in March 2016 also hardened to 460.5-462.5 paise from 446-448, previously.
The Reserve Bank of India fixed the reference rate for dollar at 62.1580 and for the euro at 68.2308.
The rupee dropped against the pound sterling to 92.95 from 92.45 on last Tuesday and also fell sharply against the euro to 68.40 from 67.18 previously.
It moved down against the Japanese Yen to 52.26 per 100 yen from 52.12.
First Published: Apr 06, 2015 19:49 IST