Rupee Falls Against Dollar - Sep 12, 2008

The rupee opened lower at 45.30/32 and fell to a two-year low of 45.57. It strengthened slightly to 45.41/42, as public sector bank sold dollars. At last, the rupee ended trade at 45.56/57, against the previous close of 45.10/11. According to a forex dealer with a private bank, public sector banks sold dollars at various levels like 45.42/44 and then at 45.55.

Foreign banks are buying dollars in the spot market and selling in the NDF market, as it offers an arbitrage of about 15 paise, said a dealer with a public sector market. The rupee is now immune to the stock market and oil prices, and is mainly tracking the global currencies. The dollar touched a one year high against the euro. In the forward premia market the six-month closed at 2.94 per cent (3.32 per cent) and the 12-month at 2.55 per cent (2.77 per cent)

Rupee falls by 31 paise to 43.23 a dollar - July16, 2008

The Indian rupee lost 31 paise and closed above the crucial 43-level against the greenback amidst downgrading of the local currency by global rating agency Fitch and a collapse in stock markets even as the dollar softened in overseas markets.

At the Interbank Foreign Exchange (Forex) market, the Indian rupee closed at 43.23/24 against a dollar, down by 31 paise. The local currency opened weak at 43.02/04 against Monday''s close of 42.92/93 and dropped further sharply to a low of 43.3050.

The rupee premiums on forward dollar recovered its overnight losses and ended higher on fresh paying pressure from banks and corporates. The benchmark six-month forward dollar premium payable in December ended at 105-1/2 - 107-1/2 paise, up from 100 - 102 paise on Monday and the far-forward maturing in June also finished higher at 186-1/2 - 188-1/2 paise from 180-1/2 - 182-1/2 paise previously.