Mumbai: The rupee on May 28 closed stronger by ten paise at 47.60/62 against the dollar backed by the firm equity markets amid sustained capital inflows. The rupee initially hit the intra-day low of 48.12 after trading resumed this morning on heavy dollar demand from oil refiners as well as importers.
At the Interbank Foreign Exchange (forex) market, the rupee moved widely in a range of 48.12 and 47.59 during the day after resuming weaker at 48.05/06 a dollar from its previous close of 47.70/72 a dollar.
However, the rupee drew support from the strong equity markets, with the BSE Sensex gaining 186 points or 1.32 per cent.
Meanwhile, the Reserve Bank of India (RBI) fixed the reference rate for the dollar at Rs 47.83 while for the euro at Rs 66.16. The rupee premiums on the forward dollar closed marginally lower on fresh receiving by the exporters.
The benchmark six-month forward dollar premium payable in November closed at 68-70 paise, slightly lower from the 71-73 paise on Wednesday while the far-forwards maturing in May ended at 113-115 paise.
However, in cross-currency trade, the rupee recovered against the pound sterling to conclude the day at Rs 75.95/97 as against previous closing level of 76.11/13, and hardened further against the euro to Rs 66.05/07 from Rs 66.27/29 previously.
At the Interbank Foreign Exchange (forex) market, the rupee moved widely in a range of 48.12 and 47.59 during the day after resuming weaker at 48.05/06 a dollar from its previous close of 47.70/72 a dollar.
However, the rupee drew support from the strong equity markets, with the BSE Sensex gaining 186 points or 1.32 per cent.
Meanwhile, the Reserve Bank of India (RBI) fixed the reference rate for the dollar at Rs 47.83 while for the euro at Rs 66.16. The rupee premiums on the forward dollar closed marginally lower on fresh receiving by the exporters.
The benchmark six-month forward dollar premium payable in November closed at 68-70 paise, slightly lower from the 71-73 paise on Wednesday while the far-forwards maturing in May ended at 113-115 paise.
However, in cross-currency trade, the rupee recovered against the pound sterling to conclude the day at Rs 75.95/97 as against previous closing level of 76.11/13, and hardened further against the euro to Rs 66.05/07 from Rs 66.27/29 previously.
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