The rupee appreciated further by a whopping 73 paise to close at nearly 1-1/2-month high of 61.73 against the greenback on firm equities amid sustained dollar selling by exporters.Weak dollar overseas also aided the rupee rise.At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced higher at 62.15 a dollar from last close of 62.46 and immediately touched a low of 62.22.
It later bounced back to a high of 61.65 before settling at 61.73, showing a rise of 73 paise or 1.17 per cent. The dollar index, a gauge of six major global rivals, was down by 0.07 per cent.
Pramit Brahmbhatt, chief executive officer (CEO), Alpari Financial Services, (India) said,’Today (Thursday) Rupee appreciated by over 1 per cent taking cues from the gains in the domestic share market which has helped to create a
positive sentiments among the traders. The trading range for the dollar/rupee pair is expected to be within 61.00 to 62.80.’
‘The rupee was seen strengthening tracking the weakness in the US dollar index and the strength in the Euro. The US dollar index was seen sustaining below its key level of 80.00 and Euro was seen trading at its seven month high above $1.36 levels. All the major Asian currencies were seen appreciating against the US dollar. The Indian stock markets were seen jumping by 2 per cent thereby providing support to the gains in Rupee. Technically, 61.40 is a strong support for the dollar/ rupee pair. As long as this level is intact, we believe the market should trade in the range of 61.40-63.20 levels,’ said Abhishek Goenka, Founder and CEO, India Forex Advisors. Forward dollar premiums dropped further on sustained receipts by exporters.
The benchmark six-month forward dollar premium payable in March tumbled to 254-257 paise from 268-272 paise previously and far-forward contracts maturing in September also plunged to 468-472 paise from 486-491 paise. The RBI fixed the reference rate for the dollar at 61.9348 and for the euro at 84.2360.
The rupee bounced back against the pound sterling to 100.03 from Tuesday's close of 101.37 and also recovered against the euro to 83.97 from 84.60. It shot up further againstthe Japanese yen to 63.16 per 100 yen from last close of 63.92.
It later bounced back to a high of 61.65 before settling at 61.73, showing a rise of 73 paise or 1.17 per cent. The dollar index, a gauge of six major global rivals, was down by 0.07 per cent.
Pramit Brahmbhatt, chief executive officer (CEO), Alpari Financial Services, (India) said,’Today (Thursday) Rupee appreciated by over 1 per cent taking cues from the gains in the domestic share market which has helped to create a
positive sentiments among the traders. The trading range for the dollar/rupee pair is expected to be within 61.00 to 62.80.’
‘The rupee was seen strengthening tracking the weakness in the US dollar index and the strength in the Euro. The US dollar index was seen sustaining below its key level of 80.00 and Euro was seen trading at its seven month high above $1.36 levels. All the major Asian currencies were seen appreciating against the US dollar. The Indian stock markets were seen jumping by 2 per cent thereby providing support to the gains in Rupee. Technically, 61.40 is a strong support for the dollar/ rupee pair. As long as this level is intact, we believe the market should trade in the range of 61.40-63.20 levels,’ said Abhishek Goenka, Founder and CEO, India Forex Advisors. Forward dollar premiums dropped further on sustained receipts by exporters.
The benchmark six-month forward dollar premium payable in March tumbled to 254-257 paise from 268-272 paise previously and far-forward contracts maturing in September also plunged to 468-472 paise from 486-491 paise. The RBI fixed the reference rate for the dollar at 61.9348 and for the euro at 84.2360.
The rupee bounced back against the pound sterling to 100.03 from Tuesday's close of 101.37 and also recovered against the euro to 83.97 from 84.60. It shot up further againstthe Japanese yen to 63.16 per 100 yen from last close of 63.92.