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Completing straight three-session of gaining string, the rupee settled at 48.76/77, up by 74 paise or 1.49 per cent, over its last close on October 25. Market was closed on October 26 and 27 on account of `Diwali`. Previously, the rupee had risen by 94 paise or 1.99 per cent on May 28, 2010.
Dealers said a sharp jump in local equities and sustained dollar selling by exporters and some banks boosted the rupee sentiment. The BSE benchmark Sensex today flared up by nearly a massive 516 points or 2.98 per cent. Euro recovered some of its early losses after a deal made by the European leaders to resolve region`s debt crisis backed the rally in riskier assets, helping the rupee to perform.
At the Interbank Foreign Exchange (Forex) market, the domestic unit opened 60 paise higher at 48.90/91 a dollar from Tuesday`s close of 49.50/51 and immediately touched the day`s low of 48.94. But, strong jump in stocks amid dollar selling by some banks and exporters on expectations of further fall in dollar value after European deal.
The rupee later touched a high of 48.7350 before ending at 48.76/77. "Next Support for Rupee is at 48.60 and the trading range for the USD/INR will be 48.60 to 49.20 on Monday," Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said.
The dollar index was up by over 0.1 per cent against its major rivals while New York crude oil was trading above USD 92 a barrel in European market today.
"The positive equity markets and recovery in euro after the agreement made by the European leaders backed the rally around the global markets," Abhishek Goenka, CEO, India Forex Advisors said.
"Importers should take the advantage of the appreciating rupee, while exporters should hold to take the covers," he added.
The rupee premium for the forward dollar closed higher on fresh paying pressure from banks and corporates.
The benchmark six-month forward dollar premium payable in April ended up at 108-111 paise from last close of 102-104 paise and far-forward contracts maturing in October finished strong at 159-1/2-161-1/2 paise from 148-150 paise previously.
The RBI fixed the reference rate for the US dollar at Rs 48.8210 and for the euro at Rs 69.2853.
The rupee remained firm and closed remarkably higher at Rs 78.51/53 against the pound sterling from Rs 79.20/22 on Tuesday and also improved further against the Japanese yen to settle at Rs 64.34/36 per 100 yen from Rs 65.01/03 previously. It, however, finished a tad lower at 68.99/69.01 per euro from last close of Rs 68.97/99.
