Friday, April 3, 2009

Rupee Rallies By 36 Paise To 50.34 - April 03, 2009

The rupee on Thursday strengthened further by 36 paise to close at 50.34/35 against the greenback due to the sharp rise in the equity markets and expectations of more capital inflows. At the Interbank Foreign Exchange (Forex) market, the rupee opened higher at 50.30/32 a dollar against its previous close of 50.70/71 and closed at 50.34/35.

The rupee moved in a range of 50.24 and 50.42 a dollar. Mainly the continued rally at the equity markets supported the rupee as the Sensex on Thursday closed with handsome gains of 447 points or 4.51 per cent.

The fresh capital inflows on April 1 as per provisional figures, also boosted the market sentiment. A weak dollar in Asian trade on Thursday against its major rivals also helped the rupee rally.

However, the Reserve Bank of India fixed the reference rate for the dollar at Rs 50.30 and the euro at Rs 66.90. The benchmark six-month forward dollar premium payable in September closed lower at 68-70 paise from 77-79 paise on Wednesday and far-forwards maturing in March also closed down at 107-109 paise from 119-121 paise previously.

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