Rupee recovers 18 paise against dollar

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Old 03-Jun-2010
Post Rupee recovers 18 paise against dollar

June 2 , 2010

In line with the recovery in domestic stock markets, the rupee today appreciated by 18 paise against the US currency to close at 46.98/99 a dollar.

At the Interbank Foreign Exchange (forex) market, the domestic unit opened strong at 46.98/47.00 a dollar from its previous close of 47.16/17. Yesterday, it had tumbled by a massive 80 paise or 1.73 per cent.

Smart recovery in Indian equities, despite weakness in overseas markets, mainly helped the rise in the rupee, a dealer said.

The Sensex closed up by about 170 points or 1.02 per cent while Asian markets closed mixed with downward bias.

Some dollar demand from banks and corporates on the back of firm dollar overseas restricted the rupee gains, another dealer said.

Meanwhile, global crude oil was trading above USD 72 a barrel in London today.

The benchmark 6-month forward dollar premium payable in October also rose to 54-1/2-56 paise from 51-53 paise on Tuesday and far-forward maturing in April too firmed up to 98-1/2-100 paise from 92-1/2-94-1/2 paise previously.

The Reserve Bank fixed the dollar reference rate at Rs 47.19 and for the euro at Rs 57.59.

The rupee remained stable against the pound while recovered against the euro and the yen.

The rupee was hardly changed against the pound to close at Rs 68.84/85 per pound from Tuesday's close of Rs 68.83/85 while edged up against the euro to Rs 57.35/37 per euro from Rs 57.39/41 previously.

It also dropped against the yen to Rs 51.13/15 per 100 yen from its last close of Rs 51.81/83.

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