The Rupee Bounced Back By 18 Paise - March 24, 2009

The rupee bounced back by 18 paise and closed at 50.45/46 as against the greenback due to rally in local stocks due to increased capital inflows amid a weakening dollar overseas. Also the dollar buying by the oil companies, however, put pressure on the rupee. The domestic currency moved in a limited range of 50.40 and 50.66 during the day after resuming stronger at 50.48/50 a dollar from its Friday''s close of 50.63/64 a dollar.

The Reserve Bank of India fixed the reference rate for the dollar at Rs 50.52 and for the euro at Rs 69.11. The rupee premiums on the forward dollar closed lower due to continued receivings by the exporters. The benchmark six-month forward dollar premium payable in August closed at 86-88 paise lower from 86-1/2-88-1/2 paise on Friday. In line with this, the far-forwards maturing in February also closed down at 134-136 paise from 137-139 paise previously.

In cross-currency trade, the rupee dropped against the pound sterling to close the day at Rs 73.71/73 from its previous close of Rs 73.08/10. Also it dipped against the euro to Rs 68.82/84 from its previous close of Rs 68.76/78. However, the rupee closed sharply higher against the Japanese yen at Rs 52.11/13 per 100 yen from its last weekend''s close of Rs 53.07/09 per 100 yen.

Rupee Against US Dollar At 42.16 - Aug 12 , 2008

The Indian rupee on August 11 depreciated by nine paise to close at 42.16/17 against the green back following sustained capital outflows. In a fairly active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 41.95/96 a dollar and touched a high of 41.91 a dollar on the back of sustained rally in equity markets.

However later in the day, it fell back to a low of 42.22 before concluding the day at 42.16/17 a dollar from previous close of 42.07/08.Traders said short-coverings of dollar by exporters on expectation of further rise in the US currency pushed the rupee downwards.Dollar rose against the major rivals in overseas market, which pulled the rupee downwards.Some large corporates bought dollars for their requirements which weighed on the rupee, dealers said.Meanwhile, the stock market benchmark Sensex on Monday rose by 336 points while most of the Asian indices displayed a mixed trend at close.The Reserve Bank, however, fixed the reference rate for the US dollar at Rs 42.00 and for the single European currency at Rs 62.82.