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Rupee extends rally to new 15-month high

Rupee extends rally to new 15-month high
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First Published: Thu, Jan 07 2010. 05 08 PM IST
Updated: Thu, Jan 07 2010. 05 08 PM IST
Mumbai: The Indian rupee extended its rally on Thursday afternoon soaring to new 15-month highs backed by large dollar sales by foreign banks, but buying of the US unit by importers and a weak sharemarket prevented a sharper rise.
At 2:25pm, the partially convertible rupee was trading at Rs45.69/70 per dollar after hitting Rs45.55 earlier, its strongest since 23 September, 2008, and above its previous close of Rs45.85/86.
“There is large dollar selling by foreign banks, almost everyone is a seller today. Only some oil buying is seen,” a senior dealer with a foreign bank said.
One-month offshore non-deliverable forward contracts were quoted at Rs45.62/72, marginally stronger than the onshore spot rate.
Domestic shares were trading down 0.6 percent as resistance crept in after they scaled a 22-month peak in the previous session and on muted Asian cues.
In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs45.6875 and Rs45.6850 respectively, with the total traded volume on the two exchanges at about $4.4 billion.
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First Published: Thu, Jan 07 2010. 05 08 PM IST
More Topics: Markets | India | Rupee | Currency | Dollar |