Millennium Post

Rs up by 50p to over 3-week high of 62.67 per $

The rupee continued to rule firm for the second consecutive day, moving up by another 50 paise to more than 3-week high at 62.67 per dollar on persistent selling of dollars by banks and exporters on hopes of resumption of capital inflows in view of strong equity market.

The rupee resumed slightly lower at 63.20 per dollar as against the last closing level of 63.17 per dollar at the Interbank Foreign Exchange (Forex) Market on initial dollar demand from banks.

However, it recovered immediately to 62.5875 on fresh selling of dollars by banks and exporters before ending at 62.67 per dollar, showing a gain of 50 paise or 0.79 per cent. It has gained by 90 paise or 1.42 per cent in two days. It had last ended at 62.94 per dollar on December 15, 2014.

Local unit hovered in a range of 63.20 per dollar and 62.5875 during the day. The dollar index was up by 0.59 per cent against a basket of six major global rivals.

In the London Market, the euro dipped to the lowest level against the dollar since 2005 after weak German manufacturing data strengthened the case for the European Central Bank to launch more stimulus measures. Meanwhile, premia softened further on sustained receipts by exporters. The benchmark six-month premium payable in June eased to 218-220 paise from 221.5-223.5 paise yesterday.

Premium on forward contracts maturing in December also moved down further to 421-423 paise from 424-426 paise.

The Reserve Bank of India fixed the reference rate for dollar at 62.9670 and for Euro at 74.4270.
The rupee rallied to 94.43 from 95.53 against the pound previously and moved up further to 73.79 per euro from 74.76 on Wednesday.

It also strengthened to 52.30 per 100 Japanese yen compared to 53.02 on Wednesday.

Sensex  too rises 366 pts

The S&P BSE benchmark Sensex snapped its last 3-day losing streak, recovering 366 points to end at 27,274.71 on all-round buying by funds and retail investors on the back of higher global cues.

Sentiments were boosted by revival of buying by funds and retail investors amid gains at other Asian markets and overnight rally at the New York and European markets on upbeat US employment data.

Shares of Realty, Banking, FMCG, Power, Auto, Metal, Healthcare and Capital goods sectors rose on good buying enquiries. Small-cap and Mid-cap shares also rose on renewed demand from retail investors as indices shot up by 1.79 per cent and 1.82 per cent respectively.

Gold dips by Rs 305 to Rs 26,785 per 10 gm on stronger Rs

Gold prices tumbled below the psychologically significant Rs 27,000-mark at the domestic bullion market here following heavy sell-off by speculative traders and stockists in the face of global volatility. Standard gold (99.5 purity) slumped by Rs 305 to end at Rs 26,785 per 10 grams from Wednesday’s closing level of Rs 27,180. Pure gold (99.9 purity) also drifted by a similar margin to finish at Rs 26,935 per 10 grams compared with Rs 27,240 previously.
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