Mumbai: The rupee rose in afternoon trades on Wednesday supported by gains in the local equity market and Asian currencies.
At 2:04pm, the partially convertible rupee was at Rs 45.1400/1500 per dollar against Tuesday’s close of Rs 45.24/25. So far in the day, the rupee has moved in Rs 45.1225-45.2425 range.
Shares rose more than 1% in early trades on Wednesday, as investors focused on attractive valuations in frontline stocks and strong quarterly advance tax payments that indicated corporate earnings growth was on track.
Gains seen by most Asian currencies against the dollar also lifted the rupee, traders said. For a snapshot, see .
The index of the dollar against six major currencies was up 0.15% at 76.437 points, but lower than 76.908 points at the end of trade in the local forex market on Tuesday.
One-month onshore forward premium was at 31.50, higher from 30.50 points on Tuesday, three-month premium gained sharply to 87.00 points from 81.75 and one-year premium climbed to 286.00 from 281.00 points.
The one-month offshore non-deliverable forward contracts were quoted at 45.48, weaker than the onshore spot rate.
In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX, and the United Stock Exchange were all at 45.2825, with the total traded volume at about $4.41 billion.