Rupee up on strong euro, Asian peers, local shares

Rupee up on strong euro, Asian peers, local shares

Mumbai: The rupee remained higher on Tuesday afternoon tracking the euro’s gain against the dollar, positive local shares and strong Asian currencies.

At 2:15pm, the partially convertible rupee was at 44.9700/9800 per dollar, stronger than Monday’s 45.0050/0150 close. The unit is expected to move in a 44.90-45.05 range intraday.

The euro rose to its highest against the dollar this year, as the US currency’s low-yielding status dragged it to a 15-month low against a basket of currencies.

The euro traded as high as $1.4249 , its highest in four and a half months, and the dollar index fell to a 15-month low of 75.302.

Most Asian currencies were stronger than the US dollar.

Shares climbed 1 percent on Tuesday as energy major Reliance Industries pulled back after a three-day slide, but there was little conviction about the outlook due to unrest in the Middle East and high oil prices.

The one-month onshore forward premium was at 30.25 points, lower than Monday’s close of 32, while the three-month premium was at 81.75 points versus its previous close of 83 and the one-year was at 289.50 from previous 289.

The one-month offshore non-deliverable forward contracts were quoted at 45.24, 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 45.0450, with the total traded volume at about $3.6 billion.