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| Re ends higher by 7 paise to 47.49 a $ |
| Press Trust Of India / Mumbai Jun 09, 2009, 19:27 IST |
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The Indian rupee today ended higher by seven paise to 47.48/49 per $ on expectations of good capital inflow from foreign funds in the equity markets amid weakness of dollar in overseas.
In active trade Interbank Foreign Exchange (forex) market, the domestic currencies resumed lower at 47.65/66 a $ from its yesterday's close and later dropped further to a low of 47.80 due to fall in the equity market in early trade.
The Indian rupee recovered smartly to end at 47.48/49 a $, showing a gain of seven paise following recovery in the equity market.
The greenback was trading in green earlier but downward pressure on the dollar emerged after the release of stronger- than expected UK housing figures, which helped to boost the sentiment for non-dollar currencies.
Also, the BSE benchmark Sensex shot up by 461.08 or 3.14 per cent on comments from Prime Minister Manmohan Singh about growth of economy. He said Indian economy can achieve 8-9 per cent growth with a high saving rate.
Oil prices held above $69 a barrel in Asian trade Tuesday after rebounding from overnight falls amid hopes of a recovery for the ailing global economy.
Meanwhile, the Reserve Bank of India fixed the reference rate for the $ at Rs 47.59 and for the euro at Rs 66.18.
Rupee premiums on the forward dollar ended higher on fresh paying pressure from banks and corporates.
The benchmark six-month forward dollar premium payable in November ended up at 65-67 paise from 61-63 paise on Monday and the far-forwards maturing in May also finished higher at 111-113 paise from 108-110 paise previously.
In cross-currency trade, the Indian rupee declined against the pound sterling, the euro and Japanese yen.
The domestic currency fell against the pound sterling to end at Rs 76.73/75 per pound from its previous close of Rs 75.68/70 and also declined against the euro to Rs 66.14/16 per euro from its last close of Rs 65.87/89.
It also moved down against the Japanese yen to Rs 48.40/42 per 100 yen from the overnight closing level of Rs 48.29/31 per 100 yen.
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