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Rupee at 19-month high on bullish stocks

Rupee at 19-month high on bullish stocks
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First Published: Fri, Apr 09 2010. 05 58 PM IST
Updated: Fri, Apr 09 2010. 05 58 PM IST
Mumbai: The rupee rose to fresh 19-month high on Friday, as buoyant local shares raised expectations of more capital inflows in the coming weeks and the dollar’s losses overseas underpinned sentiment.
The partially convertible rupee ended at 44.28/29 per dollar, off an intraday peak of 44.23, its highest since 8 September 2008 and 0.4% stronger than Thursday’s closing of 44.46/47. The rupee gained 1.4% on the week.
“An uptick in shares has boosted confidence about more portfolio inflows,” said a senior trader with a foreign bank, who expected the rupee to trade in the range of 44.15 to 44.35 on Monday.
The BSE Sensex reported its ninth straight weekly gain to close 1.2% higher.
Foreign capital is a key driver of the rupee and overseas portfolio inflows of more than $5 billion of Indian equities so far this year have helped the rupee gain 5%. The dollar’s losses also boosted the local currency. The euro rose on speculation Greece may receive help to deal with a large public debt.
The one-month offshore non-deliverable forward contracts were at 44.28/30, near the onshore spot rate.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange closed at 44.3475 and on its rival exchange MCX-SX at 44.3450.
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First Published: Fri, Apr 09 2010. 05 58 PM IST
More Topics: Rupee | Dollar | Foreign Exchange | Currency | Markets |