The Indian rupee on December 2 bounced back and closed 13 paise stronger at 50.15/16 after touching a fresh record low in intra-day, against the greenback on supposed central bank intervention in support of the local currency. A leading dealer in foreign exchange said the rupee could have marched towards the new important level of 51.00 against a dollar but for the timely intervention the RBI. The rupee had weakened to 50.60 during the day.
He further added that a smart recovery in local stocks from early lows too had had a soothing impact on rupee sentiment. Traders said a sharp fall in global crude oil prices also favored of the domestic currency. Global oil prices fell below $49 a barrel level in Asian trade on December 2 after a hefty fall of 5.15 dollars to $49.28 a barrel at close at the New York Mercantile Exchange on December 1. In active trade at Inter-bank Foreign Exchange, the local unit resumed weak at 50.52 a dollar and later moved in a range between 50.09 and 50.60 during the day. On Dec 1, the rupee had closed at of 50.28/29 a dollar.
He further added that a smart recovery in local stocks from early lows too had had a soothing impact on rupee sentiment. Traders said a sharp fall in global crude oil prices also favored of the domestic currency. Global oil prices fell below $49 a barrel level in Asian trade on December 2 after a hefty fall of 5.15 dollars to $49.28 a barrel at close at the New York Mercantile Exchange on December 1. In active trade at Inter-bank Foreign Exchange, the local unit resumed weak at 50.52 a dollar and later moved in a range between 50.09 and 50.60 during the day. On Dec 1, the rupee had closed at of 50.28/29 a dollar.
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