Rs up by 68p to 2 1/2 month high of 53.71 against $
19 Jan 2013 6:27 AM IST
Continuing its upward journey for the second day in a row, the Indian rupee on Friday closed at two and a half-month high above 54-mark at 53.71 against the Greenback, notching a gain of 68 paise -- highest in last four months -- following firm local equities and sustained dollar selling by exporters.
Consistent foreign funds inflow in domestic stocks also kept the rupee rising, but higher dollar overseas failed to check the rally, a forex dealer said. At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at 54.09 a dollar from previous close of 54.39 but immediately fell back to a low of 54.20.
However, later bounced back to a high of 53.70 before concluding at 53.71 -- level not seen since November 1, 2012, showing a rise of 68 paise or 1.25 pct. Previously, it had gained by 93 paise or 1.71 pct on 21 September 2012. The dollar index, consisting of six major global rivals, was up by 0.09 pct while New York crude oil was quoting above $94 a barrel in Europe today. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said,'The INR extended its gains for the second straight session raking in a cumulative gain of around 2 per cent.
The positive momentum in global markets and the policy decision of the government has been inducing gains in INR which can target the 53.50 levels in near term.' 'The rupee was seen trading near its two-and-a-half month high against the US dollar. The news of deregulation of the diesel prices yesterday continued to lend support to the rupee for the second straight session,' said Abhishek Goenka, (Founder & CEO, India Forex Advisors). 'The gains in the stock markets led by robust gains in the oil shares and better than expected quarterly results of ITC and HDFC also contributed to the gains in rupee,' he added. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, 'The INR extended its gains for the second straight session raking in a cumulative gain of around two per cent.' The premium for the forward dollar recovered on fresh payments from banks and corporates.
The benchmark six-month forward dollar premium payable in June rose to 163-165 paise from Thursday's close of 161-163 paise and far-forward contracts maturing in December also firmed up to 321-1/2-323-1/2 paise from 317-319 paise. The RBI has fixed the reference rate for the US dollar at 53.9465 and for euro at 72.2050.The rupee flared up further against the pound sterling to 85.63 from previous close of 87.17 and also remained firm against the euro to 71.75 from 72.61.
Consistent foreign funds inflow in domestic stocks also kept the rupee rising, but higher dollar overseas failed to check the rally, a forex dealer said. At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at 54.09 a dollar from previous close of 54.39 but immediately fell back to a low of 54.20.
However, later bounced back to a high of 53.70 before concluding at 53.71 -- level not seen since November 1, 2012, showing a rise of 68 paise or 1.25 pct. Previously, it had gained by 93 paise or 1.71 pct on 21 September 2012. The dollar index, consisting of six major global rivals, was up by 0.09 pct while New York crude oil was quoting above $94 a barrel in Europe today. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said,'The INR extended its gains for the second straight session raking in a cumulative gain of around 2 per cent.
The positive momentum in global markets and the policy decision of the government has been inducing gains in INR which can target the 53.50 levels in near term.' 'The rupee was seen trading near its two-and-a-half month high against the US dollar. The news of deregulation of the diesel prices yesterday continued to lend support to the rupee for the second straight session,' said Abhishek Goenka, (Founder & CEO, India Forex Advisors). 'The gains in the stock markets led by robust gains in the oil shares and better than expected quarterly results of ITC and HDFC also contributed to the gains in rupee,' he added. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, 'The INR extended its gains for the second straight session raking in a cumulative gain of around two per cent.' The premium for the forward dollar recovered on fresh payments from banks and corporates.
The benchmark six-month forward dollar premium payable in June rose to 163-165 paise from Thursday's close of 161-163 paise and far-forward contracts maturing in December also firmed up to 321-1/2-323-1/2 paise from 317-319 paise. The RBI has fixed the reference rate for the US dollar at 53.9465 and for euro at 72.2050.The rupee flared up further against the pound sterling to 85.63 from previous close of 87.17 and also remained firm against the euro to 71.75 from 72.61.
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