Millennium Post

Re resists US assault, rises by 47p to 60.14 per $

The rupee snapped two days of losses and bounced back by 47 paise to close at 60.14 against the dollar on Tuesday. The national currency commenced at 59.70 a dollar from the previous close of 60.61 on the Interbank Foreign Exchange market and improved to a high of 59.60 on fresh dollar selling by exporters. It then fell to the day's low of 60.48 and  recovered to settle at 60.14, a rise of 47 paise (0.78 per cent).

On Monday, the Indian currency had dived to an all-time low of 61.21 but partially recovered on intervention by the Reserve Bank of India (RBI), the country’s central bank .  'Tomorrow's (Wednesday’s) US Federal Open Market Committee (FOMC) minutes and American Federal Reserve Board Chairman Ben Bernanke’s speech will be very important for the rupee and for the US dollar,' observed India Forex Advisors Founder-CEO Abhishek Goenka.

On Tuesday the dollar index was up by 0.12 per cent against a basket of six major global currencies. The premium for forward dollars closed steady to weak on stray receipts by exporters.

The benchmark six-month forward dollar premium payable in December ended at its overnight level of 169-1/2-171-1/2 paise while far-forward contracts maturing in June edged down further to 345-1/2-347-1/2 paise from 346-348 paise. The RBI fixed the reference rate for the dollar at 60.0745 and for the euro at 77.4330.

The rupee rebounded against the pound sterling to 89.43 from Monday’s close of 90.31, recouped against the euro to 77.39 from 77.82, and stayed firm against the Japanese yen to 59.49 per 100 yen from the last close of 59.90.
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