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| Rupee at 40.43 against US dollar |
| The Indian rupee on Friday ended almost flat at 40.4350/4450 against the greenback on alternate bouts of buying and selling in the foreign exchange ma
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| INDIA
, 14-March-2008
10:30:49 AM |
| The Indian rupee on Friday ended almost flat at 40.4350/4450 against the greenback on alternate bouts of buying and selling in the foreign exchange market.
At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 40.50/52 a dollar from previous close of 40.43/44. It later fell to a low of 40.58.
Stock market surge
Forex dealers said the rupee sentiments were bolstered later in the day after a surge in the stock market. They added that dollar buying by oil refiners to meet their import requirements aided the local unit.
Weak Asian stock markets and recovery in dollar against the Yen also partly weighed on rupee sentiments.
Meanwhile, the benchmark Sensex posted a gain of 403 points after yesterday's fall of 770 points.
Dealers said heavy dollar sales at the higher levels also pushed the rupee upwards and it touched a high of 40.38 a dollar before concluding the day at Rs 40.4350/4450 a dollar.
Meanwhile, the Reserve Bank fixed the reference rate for US dollar at Rs 40.45 and for the single European unit at Rs 63.20 per euro.
The rupee premiums on forward dollar improved further on continued paying pressure from banks and corporates.
The benchmark six-month forward dollar premiums payable in August ended at 25 - 27 paise, up from 23 - 25 paise on Thursday and Far-forward maturing in February also finished higher at 40 - 42 paise from 39 - 41 paise previously.
Cross currency trade
In cross-currency trades, the rupee, however, recovered against the British sterling, the euro and the yen.
The rupee recovered against the pound sterling to finish the day at Rs 81.84/86 per pound from previous close of Rs 82.37/39 per pound and also recouped against the Single European currency to Rs 62.90/92 per euro from overnight close of Rs 63.00/02 per euro.
It firmed up against the Japanese Yen to Rs 40.22/24 per 100 yen from last close of Rs 40.32/34 per 100 yen.
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