The rupee reported a strong return due to inflows and weakening of dollar against all major currencies. On May 22, the rupee opened at 47 but soon dropped to the day''s low of 47.22 as importers bought dollars. However, with the gain in Sensex, the rupee also gained and closed at 47.10, higher by about 30 paise from the previous close of 47.40. There were some stray deals done at 46.98 levels. In the overseas market, the dollar weakened against all major currencies.
Next week, the rupee will strengthen depending on the inflows, but the month-end dollar demand from importers and oil companies could arrest the rupee''s high gains, the dealer said. In case the rupee moves up too sharply, the RBI may intervene to protect exporters'' interests.
Next week, the rupee will strengthen depending on the inflows, but the month-end dollar demand from importers and oil companies could arrest the rupee''s high gains, the dealer said. In case the rupee moves up too sharply, the RBI may intervene to protect exporters'' interests.
No comments:
Post a Comment