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Business News/ Opinion / Online-views/  Rupee at 5-month high; dollar inflows aid, regional peers weigh
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Rupee at 5-month high; dollar inflows aid, regional peers weigh

Rupee at 5-month high; dollar inflows aid, regional peers weigh

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Mumbai: The rupee raced to a five-month high on Tuesday, the first trading session of the new fiscal year, driven by robust dollar inflows, but gains were capped by weakness in most regional peers.

At 3:32pm, the partially convertible rupee was at 44.45/46 per dollar, its highest since 11 November and nearly 0.4% stronger than Thursday’s close of 44.59/60.

The rupee has moved in a 44.3950-44.4700 range so far in the day.

The euro was at $1.4183 against its previous close$1.4217, when it had touched a five-month high of around $1.4269.

The index of the dollar against six major currencies was up 0.20% at 76.069 points. It had been at 75.785 points at the close of the local forex market on Thursday.

The one-month onshore forward premium was at 26.75 points, up from 25.00 on Thursday, the three-month at 78.75 points versus 77.00 and the one-year at 295.25 points versus 286.75.

The one-month offshore non-deliverable forward contracts were quoted at 44.62, weaker than the onshore spot rate.

In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were all at 44.6025, with the total volume at about $4.46 billion.

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Published: 05 Apr 2011, 05:56 PM IST
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