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Rupee resists pressure, appreciate against dollar

Rupee resists pressure, appreciate against dollar
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First Published: Wed, May 23 2007. 12 21 PM IST
Updated: Wed, May 23 2007. 12 21 PM IST
Mumbai: The rupee continued to resist the pressure from oil companies and appreciated marginally against the US currency in morning dealings on the back of fairly good FII inflows and the yuan factor.
In somewhat quiet trade at the interbank foreign exchange (forex) market, local currency resumed firm at 40.55/57 per dollar from overnight close of 40.60/61 a dollar but later was quoted at 40.58/59 a dollar in late morning deals.
The Reserve Bank of India was believed to be intervening indirectly to prevent any strong surge in the rupee, a forex dealer said.
A leading oil company was seen making dollar purchases during early trade erasing the rupee gains, he added.
The RBI seemed to be intervening in the foreign exchange market for the last couple of days after China revised trading band for yuan on 21 May, to check the rupee’s surge to 40.50 level, a banker commented.
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First Published: Wed, May 23 2007. 12 21 PM IST
More Topics: Money Matters | Currency |