Rupee recovers marginally against dollar

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The rupee on Tuesday closed five paise up at 44.78/79 against the US dollar on bullish local equities and easing of crude oil prices.

Dealers said that the main reason behind the rupee rise was distinctly firm local equities and also increased portfolio investments.

Fresh sale of dollars by exporters and some banks also supported the rupee recovery, they added.

The Bombay Stock Exchange benchmark today shot up by 177.66 points or 0.94 per cent and a total 1,281.75 points or 7.18 per cent in straight six-session of gains on sustained Foreign Institutional Investors (FIIs) buying, amid further easing of oil prices that reduced fears of inflationary pressure and hike in interest rates.

FIIs injected USD 681.85 million in last five days since March 22.

The US crude futures was trading above USD 103 a barrel in London.

“Rupee traded quiet positively through out the day supported by positives in the equity market and strong capital inflows while some dollar demand by oil importing companies kept a check on rupee strengthening further,” Alpari Forex (India) CEO Pramit Brahmbhatt said.

The trading range for the USD/INR will be between 44.55-
45.05 on Wednesday, he added.

At the Interbank Foreign Exchange (Forex) market, the local currency opened better at 44.81/82 a dollar from last close of 44.83/84 and immediately touched a low of 44.8250.

Later, it rebounded to the day’s high of 44.6650 before falling back on late dollar from importers to meet their month-end demand to conclude at 44.78/79. Yesterday, it had dropped by 16 paise.

The dollar gave up gains against euro in New York market on Monday following remarks from European Central Bank about expectations of rising interest rates as soon as next month.

However, the dollar index, gauging six major currencies, was up by 0.05 per cent in European market today.

The rupee premium for the forward dollar finished lower on fresh receivings by exporters. The benchmark six-month forward dollar premium payable in August closed weak at 135-137 paise from 138-140 paise on Monday.

Far-forward contracts maturing in February fell back to 274-1/2-276 paise from 280-282 paise yesterday.

The Reserve Bank of India has fixed the reference rate for the dollar at Rs 44.67 and the euro at Rs 63.09.

The rupee remained firm and ended at Rs 71.48/50 against the pound sterling from Monday’s close of Rs 71.64/66 and also improved further against the yen to Rs 54.49/51 per 100 yen from Rs 54.90/92 previously.

It turned negative against the euro to settle at Rs 62.97/99 from last close of Rs 62.94/96.
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