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Rupee stays up on local shares; oil price eyed

Rupee stays up on local shares; oil price eyed
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First Published: Fri, Mar 04 2011. 01 51 PM IST
Updated: Fri, Mar 04 2011. 01 51 PM IST
Mumbai: The rupee held on to most of the intrday gains in afternoon trades on Friday, drawing strength from its strong regional peers and a rise in domestic shares.
* But persistently high global crude oil prices have kept the market worried and put brakes on the local unit’s further rise, traders said.
At 1:44pm, the partially convertible rupee was at Rs 44.98/99 per dollar, firmer than Thursday’s close of Rs 45.035/045.
The local unit had so far moved in 44.91-45.03 band.
Dealers said the euro’s gains on Thursday and expectation of continued dollar weakness also supported the rupee.
The index of the dollar against six major currencies was up 0.03% at 76.507 points. On Thursday, when the rupee closed, it was at 76.640.
One-month onshore forward premiums were at 25.25 points versus 24.50 points on Thursday.
One-month offshore non-deliverable forward contracts were quoted at 45.21, 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 on the United Stock Exchange were all at 45.1925, with the total traded volume at $4.01 billion.
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First Published: Fri, Mar 04 2011. 01 51 PM IST