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Rupee Up 25 Paise Vs Dollar, Snaps 2-Session Losing String

Mumbai, Dec 26: The rupee snapped its two-session of losing string and recovered by 25 paise to close at 52.71/72 against the US currency today on fresh dollar selling by exporters and a smart rally
rupee up 25 paise vs dollar snaps 2 session...
PTI 26 Dec 2011, 18:19:25 PM IST

Mumbai, Dec 26: The rupee snapped its two-session of losing string and recovered by 25 paise to close at 52.71/72 against the US currency today on fresh dollar selling by exporters and a smart rally in local equities.

A weak dollar overseas amid renewed capital inflows too aided the rupee sentiment, a dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened higher at 52.85/86 a dollar from last weekend's close of 52.96/97.

Later, it moved in a range of 52.93 and 52.67 before settling the day at 52.71/72, a rise of 0.47 per cent. In last two sessions, it had fallen by 46 paise, or 0.88 per cent.

The BSE benchmark Sensex today rebounded by 232.05 points or 1.47 per cent on strong US economic data last weekend amid lack of any major cues today from overseas markets due to holidays, which mainly supported the rupee.

Fresh dollar selling by exporters and banks on holidays in key overseas markets since today also aided the rupee rise.

The dollar index, consisting of six major rivals, was down by nearly 0.2 per cent while New York crude oil was trading below USD 100 a barrel in European market today.

Foreign Institutional Investors (FIIs), after pulling out USD 468.98 million in straight ten sessions since December 9, bought shares worth USD 51.60 million on December 23.

The rupee premium for the forward dollar remained weak on continued receivings by exporters.

The benchmark six-month forward dollar premium payable in May eased to 148-151 paise from last weekend's level of 150-152 paise and far-forward contracts maturing in November also finished marginally low at 248-251 paise from 251-253 paise previously.

“Looking at the global scenario one can expect rupee to trade over 53.00 levels in coming days and the trading range for the Rupee will be 52.60 to 53.30 tomorrow,” Alpari Financial Services (India) CEO Pramit Brahmbhatt said.

RBI fixed the reference rate for the US dollar at Rs 52.8205 and for the euro at Rs 68.9345.

The rupee recovered against the pound sterling to end at Rs 82.39/41 from last Friday's close of Rs 82.99/83.00 and also shot up to Rs 68.87/89 per euro from Rs 69.22/24 previously. It, also recouped against the Japanese yen to conclude at Rs 67.67/69 per 100 yen from last close of Rs 67.87/89.

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