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Rupee ends 3-week high vs dollar

Mumbai: For the seventh straight session of rally the rupee inched up by one paise to close at an over three-week high of 44.81/82 against the US dollar on alternate bouts of buying and selling.

The Bombay Stock Exchange benchmark Sensex today closed down by 117.70 points or 0.64 per cent to 18,376 which capped the rise in the rupee value.

Foreign Institutional Investors (FIIs) have bought shares worth USD 819.63 million in six days since May 26, mainly giving support to the rupee.

The New York crude oil was quoting below USD 100 a barrel in the European market today.

Alpari Forex (India) CEO Pramit Brahmbhatt said: "Rupee weakened in the afternoon trade as local equity markets turned negative and Euro retreated from its high formed early in the day. Traders remained cautious as they are awaiting for the US nonfarm payrolls data due after local market hours today".

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened slightly better at 44.80/81 a dollar from previous close of 44.82/83.

Later, it was trapped in a narrow range between 44.92 and 44.79 before concluding at 44.81/82.

The dollar index, gauging of six major currencies, was trading nearly stable with downward bias.

The rupee premium for the forward dollar recovered on fresh paying pressure from banks and corporates. The benchmark six-month forward dollar premium payable in November rose to 138-140 paise from 135-1/2-137-1/2 yesterday.

Far-forward contracts maturing in May also rebounded to 263-265 paise from last close of 258-1/2-260-1/2 paise.

The RBI has fixed the reference rate for the dollar at Rs 44.85 and the euro at Rs 64.89.

The rupee remained firm against the pound sterling to end at Rs 73.09/11 from Thursday`s close of Rs 73.40/42 while declined further to Rs 64.93/95 per euro from Rs 64.85/87 previously.

It also moved down against the Japanese yen to end at Rs 55.60/62 per 100 yen from last close of Rs 55.49/51.

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