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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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First Published: Tue, Apr 05 2011. 05 56 PM IST
Updated: Tue, Apr 05 2011. 05 56 PM IST
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 Rs 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 Rs 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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First Published: Tue, Apr 05 2011. 05 56 PM IST
More Topics: Markets | India | Rupee | Dollar | Foreign Exchange |