After losing initially, the rupee on Jan 3 closed four paise higher at 39.39/40 against the greenback on the back of heavy dollar selling by exporters amid the softening of the US currency overseas. In active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 39.46/47 per dollar due to weakness in Asian stock markets and rising global crude oil prices.
It moved in a wide range of 39.37 and 39.4750 a dollar.Forex dealers said high crude oil prices weighed on the rupee sentiment at initial stages due to some dollar demand from banks. World crude oil prices touched a record $100 a barrel on Wednesday in New York.However, the rupee got support later from weak dollar overseas and ended up at 39.39/40 per dollar.
In New York, the dollar declined sharply against the yen on Wednesday, after the release of a US manufacturing sector report that came in far below expectations while the euro climbed to a three-week high against the dollar.Selling dollars at higher levels by exporters also weighed on the rupee.Foreign Institutional Investors (FIIs) turned net sellers and as per provisional figures they pulled out nearly $120 billion on January 2.
It moved in a wide range of 39.37 and 39.4750 a dollar.Forex dealers said high crude oil prices weighed on the rupee sentiment at initial stages due to some dollar demand from banks. World crude oil prices touched a record $100 a barrel on Wednesday in New York.However, the rupee got support later from weak dollar overseas and ended up at 39.39/40 per dollar.
In New York, the dollar declined sharply against the yen on Wednesday, after the release of a US manufacturing sector report that came in far below expectations while the euro climbed to a three-week high against the dollar.Selling dollars at higher levels by exporters also weighed on the rupee.Foreign Institutional Investors (FIIs) turned net sellers and as per provisional figures they pulled out nearly $120 billion on January 2.
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