Rupee gains 6 paise against dollar in early trade
The rupee strengthened by six paise to 61.34 against the US dollar in early trade today at the Interbank Foreign Exchange on selling of the US currency by exporters and banks amidst sustained capital inflows.The rupee settled four paise down at 61.40 against the dollar on Monday. Forex market remained closed yesterday on account of "Muharram".Traders said besides selling of the American currency by exporters and banks, continued foreign fund inflows and a higher opening in the domestic equity market, helped the local currency to strengthen but the dollar's gain against other currencies overseas, capped the rupee's rise. Meanwhile, the benchmark BSE Sensex soared by 111.45 points, or 0.40 per cent, to 27,971.83 in early trade today.
Rupee forward contracts at six-month low on hopes of rate cut
The 12-month forward premium for the dollar was trading 450 points above the spot rate.It had fallen sharply in recent sessions to levels last seen in May. Traders said premium fell on hopes of an early rate cut by RBI. Rate cuts were seen boosting economic growth at a time of easing inflation. Short sellers also built positions in NDFs on bets that the spot rupee will remain stable, traders add.
Rupee depreciates four paise vs US dollar to end at 61.40
account of "Muharram".Traders said besides selling of the American currency by The Indian rupee today depreciated by four paise to close at 61.40 against the Greenback on moderate dollar demand from importers, amid some hesitancy in equities. A better dollar overseas also weighed on the rupee while sustained capital inflows restricted the rupee fall. At the Interbank Foreign Exchange ( Forex) market, the rupee commenced lower at 61.50 a dollar from its previous close of 61.36. It moved in a range of 61.3750 and 61.5550 before concluding at 61.40, a fall of 4 paise or 0.07 percent. The Indian benchmark S&P BSE Sensex, after logging its all-time peak, closed down by a mere over 5 points. FPIs/FIIs bought shares worth $310.50 million last weekend as per Sebi data. On Monday, they bought a net Rs 1,413.34 crore. The dollar index was trading up by 0.03 per cent against its major global rivals. Pramit Brahmbhatt, Veracity Group CEO, said: "Rupee traded range-bound and ended almost flat near previous close. It is expected to appreciate in coming days tracking gains in local equities. The trading range for the spot rupee is expected to be within 61.00 to 61.80."
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