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Rupee off lows as euro recovers; dollar inflow hopes aid

Rupee off lows as euro recovers; dollar inflow hopes aid
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First Published: Tue, May 10 2011. 03 13 PM IST
Updated: Tue, May 10 2011. 03 13 PM IST
Mumbai: The rupee recovered from an intraday low on Tuesday supported by the marginal climb back in the euro and some dollar selling by exporters at lower levels.
Hopes of large dollar inflows towards a state-run firm’s share sale are also seen limiting any fresh fall in the rupee, traders said.
At 3:04pm, the partially convertible rupee was at Rs 44.7475/7500, after falling to Rs 44.7825 earlier. It had closed at Rs 44.72/73 on Monday.
The euro pared losses in volatile trade on Tuesday on a media report, later denied, that heavily indebted Greece could agree a new rescue deal next month to help meet its funding requirements in the next two years.
The common European unit was at $1.4362 after weakening to $1.4271 earlier in the day.
The rupee gave up early gains on Tuesday as the euro continued to weaken, but hopes of large dollar inflows towards a state-run firm’s share sale are seen limiting the fall.
The one-month onshore forward premium was steady at 27.25 points. The three-month was at 79.25 points versus 78.75 points and the one-year was at 301.25 points compared with 299.25 points.
The one-month offshore non-deliverable forward contracts were quoted at 44.99, 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 44.8900, with total volume at $2.83 billion.
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First Published: Tue, May 10 2011. 03 13 PM IST
More Topics: Markets | India | Rupee | Currency | Foreign Exchange |