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The Indian rupee appreciated by 24 paise against the US dollar in early trade today on increased capital inflows by foreign funds in the domestic bourses.
At the Foreign Exchange market, the domestic unit was quoted lower at 49.38, up 24 paise from its previous close of 49.61/62. Forex dealers said fresh capital inflows in the domestic markets and the dollar weakening against other currencies, supported the rise in the rupee. Save time and money with the new Rate Watch Service.
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May 9, 2009 @ 10:21 am
The Indian rupee recovered yesterday’s losses and was up by 35 paise to close at a two and a half month high of 49.26/27 against the dollar in line with a smart rebound in local equity markets amid sustained capital inflows.In active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 49.30/32 a dollar from its previous close of 49.61/62.It later moved in the range 49.23-49.52 before closing the day at 49.26/27 a dollar.
Firm trends in Asian equity markets, including India, mainly boosted rupee sentiment. The Indian benchmark Sensex ended higher by over 164 points or 1.37 per cent after yesterday’s fall of about 178 points.
Asian indices also ended firm while European markets resumed better on the back of favourable Wall Street advice.The weakness of the dollar against most of the Asian currencies also helped rupee recovery.
Meanwhile, oil prices rose towards USD 58 a barrel today in Asia, extending gains to near six-month highs on investor expectations that global economic growth may begin to rebound by the end of the year. The Reserve Bank of India (RBI) fixed the reference rate for the US dollar at Rs 49.46 and the euro at Rs 65.63.
In cross-currency trade, the Indian rupee rose against the pound sterling, the euro and the Japanese yen.The rupee firmed up against the pound sterling at Rs 74.22/24 against its previous close of Rs 74.42/44 while improved further against the euro to Rs 65.54/56 from Rs 65.91/93.It shot up against the Japanese yen to settle at Rs 49.60/62 per 100 yen from the last close of Rs 50.44/46.
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May 22, 2009 @ 3:25 pm
The Indian rupee edged higher against the US dollar during Friday’s early deals. The rupee climbed to 46.9550 against the dollar, its highest point since December 22, 2008. The next upside target level for the Indian currency is seen around 46.405. Supported by the dollar’s weakness overseas and on hopes for a jump in foreign investment after the ruling coalition won national elections. The dollar fell to its weakest in almost five months against a basket of major currencies on Friday as concerns about growing U.S. government debt prompted investors to sell dollar assets from stocks to bonds. Foreign capital is a key driver of the rupee, and foreigners have bought $3 billion of local equities so far this month, including $1 billion since the election results. The main stock index .BSESN eased 2.3 percent on Thursday as investors took profits for a second day after it had soared 17.5 percent over two days following the election verdict. The partially convertible rupee ended at 47.37/38 per dollar on Thursday, off an early peak of 47.28, but above Wednesday’s close of 47.47/48. On Tuesday it rose to 47.27, it’s highest since Dec. 19. It has gained 4.3 percent this week.
May 28, 2009 @ 9:57 am
Indian rupee reverses losses as stocks gain
Indian rupee reversed losses and rose in afternoon trade on Thursday as domestic shares gained fuelling hopes for capital inflows, but a sharper rise was prevented by the dollar’s gains versus other majors overseas. At 1:20 p.m.(IST), the partially convertible rupee was at 47.62/65 per dollar, off an early low of 48.10, and stronger than its previous close of 47.70/71. Indian shares shrugged off a shaky start and rose 1.4 percent on Thursday, as investors covered short positions on the last day of monthly derivatives contracts.
The yen tumbled across the board on Thursday, hurt by talk of Japanese retail demand for overseas assets, while the dollar rose 1 percent against the Japanese unit, aided in part by Moody’s affirming its top credit rating for the United States. Dealers said month-end dollar demand from refiners was also likely to limit the upside for the rupee.
In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at 47.63 and 47.6350 respectively, with the total traded volume on both exchanges at about $1 billion.