Rupee at 2-week high of 52.71/72 vs US dollar

The rupee today shot up by 27 paise to close at nearly two-week high of 52.71/72 against the dollar on fresh dollar selling by exporters amid signs of sustained capital inflows.

Written by Agencies | Mumbai | Published: January 6, 2012 8:10 pm

The rupee today shot up by 27 paise to close at nearly two-week high of 52.71/72 against the dollar on fresh dollar selling by exporters amid signs of sustained capital inflows.

At the Interbank Foreign Exchange market,the domestic currency moved in a range of 53.00 and 52.70 before settling at 52.71/72,up 0.51 per cent or 27 paise from its last close.

Forex dealers said fresh dollar selling by exporters on hopes of further fall in dollar in the overseas market improved the rupee sentiment.

Meanwhile,the BSE benchmark Sensex moved between the positive as well as the negative terrain in about 336-point range,but closed up by only 10.65 points or 0.07 per cent.

The dollar index was down by 0.02 per cent against six rivals. According to data available with Securities and Exchange Board of India (Sebi),foreign institutional investors (FIIs) infused over USD 1 billion in debt markets and pumped in USD 190 million in equities till January 5.

Meanwhile,New York crude oil was trading above USD 102 a barrel in the European market today.

“The current currency market is completely driven by FII inflows and hence the upside movement in the local unit is temporary as there is no fundamental news driving the movement,” Abhishek Goenka,CEO,India Forex Advisors,said.

The rupee premium for the forward dollar recovered in line with smart rebound in rupee in cash segment on fresh paying pressure from banks and corporates.

The benchmark six-month forward dollar premium payable in June rose to 150-152 paise from Thursday’s level of 147-149 paise and far-forward contracts maturing in December also ended higher at 250-252 paise from 241-243 paise previously.

The RBI has fixed the reference rate for the US dollar at Rs 52.7838 and for the euro at Rs 67.4618.

The rupee remained firm against the pound sterling to end at Rs 81.77/79 from yesterday’s close of Rs 82.32/34 and also improved further to Rs 67.43/45 per euro from Rs 67.99/68.01.

It strengthened against the Japanese yen to Rs 68.33/35 per 100 yen from last close of Rs 68.95/97.

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