Rupee gains 13 paise, breaches 43-mark

Rupee gains 13 paise, breaches 43-mark
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First Published: Fri, Jul 11 2008. 09 10 AM IST
Updated: Fri, Jul 11 2008. 09 10 AM IST
PTI
Mumbai: As crude prices continued to fall, the rupee for the first time in two weeks breached the crucial 43-mark today in intra-day and closed at 42.99/43.00, a gain of 12 paise, against the greenback on heavy dollar sales by corporates.
In active trade at the Interbank Foreign Exchange (forex) market, the domestic currency touched the day’s high of 42.98 per dollar.
In high volatility, the rupee fluctuated between 43.25 and 42.98 due to heavy dollar sales by some corporates and after resuming weak at 43.16/18 per dollar from its overnight close of 43.12/13.
The RBI, however, fixed the reference rate for the US dollar at Rs43.16 and for the single European currency at Rs67.95.
Forex dealers said the marked fall in global crude oil prices, which ruled at around $136 a barrel in Asian trade today, also buoyed the rupee sentiment.
They said the rupee is expected to move in line with the stock markets and any surge in shares will help the rupee to appreciate further against dollar. Sensex was down 38 points but bounced from the day’s lows, raising hopes of capital inflows into the equity markets.
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First Published: Fri, Jul 11 2008. 09 10 AM IST
More Topics: Rupee | dollar | currency | forex | RBI |