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| Rupee gains 4 paise to 46.15/16 against $ |
| Press Trust of India / Mumbai Aug 06, 2010, 19:38 IST |
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In see-saw trade, the Indian rupee today appreciated by a modest four paise to nearly a one-and- a-half-month high of 46.15/16 against the US dollar on persistent capital inflows.
At the Interbank Foreign Exchange, the local currency opened strong at 46.08/09 against its overnight close of 46.19/20 a dollar and improved further to breach the Rs 46-mark, touching a high of Rs 45.97 a dollar, a level not seen since June 22, 2010.
However, The rupee later fell back to a low of 46.185 before concluding the day at 46.15/16.
Analysts said there was some initial dollar selling by exporters and some banks on the back of a modest decline in the dollar against the euro and other major currencies yesterday in New York as traders hesitated to make large positions ahead of a key US jobless report.
Foreign funds purchased shares worth $530.29 million in four trading sessions between August 2 and 5, aiding the rupee's rise, they said.
Till afternoon, the Indian benchmark Sensex displayed a positive trend, supporting the rupee. The Sensex was up by nearly 72 points in afternoon deals, but succumbed to late selling and ended lower by 28.84 points, or 0.16 per cent, which weighed on the rupee's fortunes in the later part of the day.
However, the fall in equities, coupled with late dollar demand in the form of short-coverings ahead of the US non-farm payrolls data impacted dollar negatively, which gave the rupee headroom to edge up against the American currency.
Meanwhile, global crude oil was trading at below $82 a barrel in London today.
The rupee premium for the forward dollar closed lower on fresh receivings by exporters. The benchmark six-month forward dollar premium payable in January ended weak at 108-1/2-110-1/2 paise from 112-1/2-114 paise on Thursday and far-forward maturing in July also finished lower at 190-192 paise from 194-196 paise previously.
The Reserve Bank of India has fixed the reference rate for the dollar at Rs 46.02 and the euro at Rs 60.70.
In cross-currency trade, the domestic unit strengthened against the pound sterling and the euro, but declined against the Japanese yen.
The rupee improved further against the Pound Sterling to end at Rs 73.24/26 per pound from Thursday's close of Rs 73.46/48. It also hardened to Rs 60.78/80 against the euro from Rs 60.98/61.00 previously.
However, the domestic unit fell back against the yen to Rs 53.74/76 per 100 yen from its last close of Rs 53.63/65.
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