Rupee gains 9 paise against US dollar

Rising for the second day,the rupee today jumped by nine paise to settle at a fresh 6-week high of 51.52/53 against the dollar amid increased foreign funds inflows,mainly into debt markets.

Dealers in foreign exchange said exporters were selling dollars that supported the rupee sentiment. They added that there was sustained dollar selling on hopes of further fall in dollar on alleviating fears of European debt crisis after successful Italian and Spanish bond auctions.

The Indian currency moved erratically in a range of 51.28 and 51.58 on alternate bouts of buying and selling. Finally,it ended at 51.52/53,up 9 paise from its previous close. Meanwhile,The Indian BSE benchmark Sensex finished higher by 117.11 points today.

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Foreign Institutional Investors (FIIs) purchased debt worth USD 2.45 billion while picked up shares worth USD 472.24 million in the current month till January 12,according to data from capital market regulator Sebi.

The rupee premium for the forward dollar fell back on fresh receivings by exporters.

The benchmark six-month forward dollar premium payable in June declined to 158-160 paise from Thursday’s level of 162-164 paise and far-forward contracts maturing in December also finished weak at 267-269 paise from 272-274 paise.

The RBI has fixed the reference rate for the US dollar at 51.4310 and for the euro at 66.1743.

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The rupee remained firm to settle at Rs 79.05/07 against the pound sterling from overnight close of Rs 79.24/26,while fell back slightly against the euro to end at Rs 65.89/91 from Rs 65.81/83 in the previous session.

It also eased against the Japanese yen to Rs 67.17/19 per 100 yen from last close of Rs 67.

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