Rupee up 32p to 3-month high of 61.07 per $
12 Oct 2013 12:48 AM GMT
The rupee rallied for the second day by 32 paise to close at an almost three-month high of 61.07 against the dollar following smart rise in local equities amid sustained capital inflows.
Weak dollar overseas and sustained dollar selling by exporters also boosted the rupee sentiment.
At the Interbank Foreign Exchange (Forex) market, the local unit resumed higher at 61.08 a dollar from overnight close of 61.39 and moved in a narrow of 61.01 and 61.37 before ending at 61.07, exhibiting a rise of 32 paise or 0.52 per cent.
On Thursday, it had spurted by 54 paise or 0.87 per cent.
The dollar index was down by 0.15 per cent against a basket of six major global rivals.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, ‘Rupee continued to appreciate for the second day on the news that RBI may ease some restrictions on foreign inflows as India is talking with JP Morgan and others to gain entry to benchmark indexes for emerging market debt in hopes of attracting billions of dollars. The trading range for the spot dollar/rupee pair is expected to be within 60.50 to 62.00.’
Forward dollar premiums closed slightly lower on receipts by exporters.
The benchmark six-month forward dollar premium payable in March eased to 225-1/2-229-1/2 paise from 227-230 paise previously and far-forward contracts maturing in September softened to 431-1/2-434-1/2 paise from 432-435 paise.
The RBI fixed the reference rate for the dollar at 61.1570 and for the euro at 82.7795. The rupee remained firm against the pound to end at 97.54 from 97.91 previously and improved further to 82.85 per euro from 83.07. It strengthened against the Japanese yen to 62.12 per 100 yen from 62.78.
Foreign exchange reserves jump by $1.5 bn to $278 bn
Mumbai:Â India's foreign exchange reserves surged $1.46 billion to $277.73 billion in the week ended 4 October on the back of a healthy growth in the key currency assets, the Reserve Bank said on Friday.
The reserves had dipped by $1.12 billion to $276.26 billion in the previous reporting week. The core foreign currency assets (FCAs), which form the largest chunk of the reserves, zoomed $1.4 billion to $249.33 billion for the week under review, the RBI said.
After remaining unchanged for five weeks, gold reserves increased $41.3 million to $21.76 billion.
Weak dollar overseas and sustained dollar selling by exporters also boosted the rupee sentiment.
At the Interbank Foreign Exchange (Forex) market, the local unit resumed higher at 61.08 a dollar from overnight close of 61.39 and moved in a narrow of 61.01 and 61.37 before ending at 61.07, exhibiting a rise of 32 paise or 0.52 per cent.
On Thursday, it had spurted by 54 paise or 0.87 per cent.
The dollar index was down by 0.15 per cent against a basket of six major global rivals.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, ‘Rupee continued to appreciate for the second day on the news that RBI may ease some restrictions on foreign inflows as India is talking with JP Morgan and others to gain entry to benchmark indexes for emerging market debt in hopes of attracting billions of dollars. The trading range for the spot dollar/rupee pair is expected to be within 60.50 to 62.00.’
Forward dollar premiums closed slightly lower on receipts by exporters.
The benchmark six-month forward dollar premium payable in March eased to 225-1/2-229-1/2 paise from 227-230 paise previously and far-forward contracts maturing in September softened to 431-1/2-434-1/2 paise from 432-435 paise.
The RBI fixed the reference rate for the dollar at 61.1570 and for the euro at 82.7795. The rupee remained firm against the pound to end at 97.54 from 97.91 previously and improved further to 82.85 per euro from 83.07. It strengthened against the Japanese yen to 62.12 per 100 yen from 62.78.
Foreign exchange reserves jump by $1.5 bn to $278 bn
Mumbai:Â India's foreign exchange reserves surged $1.46 billion to $277.73 billion in the week ended 4 October on the back of a healthy growth in the key currency assets, the Reserve Bank said on Friday.
The reserves had dipped by $1.12 billion to $276.26 billion in the previous reporting week. The core foreign currency assets (FCAs), which form the largest chunk of the reserves, zoomed $1.4 billion to $249.33 billion for the week under review, the RBI said.
After remaining unchanged for five weeks, gold reserves increased $41.3 million to $21.76 billion.
Next Story
