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  1. #1
    YouR De$i RaPPeR
    Join Date
    Jun 2009
    Spain BCN (Barcelona)

    Default Rupee ends one-month high at 46.30/31 per USD

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    The rupee today ended to one-month high at 46.30-31 against US Dollar, with a big gain of 32 paise from its previous close of 46.62, as the Asian currencies strengthened against the greenback and on firm local stocks, traders at the interbank foreign exchange (Forex) said here.

    Opening low at 46.54 a dollar, it flucutated in a wide range between 46.50 and 46.63 in the intra-day trade.

    The partially-convertible rupee rose to its highest in a month today tracking strong regional currencies and as foreign banks bought the local currency to arbitrage in the offshore non-deliverable forwards (NDF) market.

    ''Foreign banks are seen selling (dollars) as there is negative arbitrage in the one-month NDF,'' said a trader with a private bank.

    At noon session, the rupee was trading at 46.40/41 per dollar, after touching 46.39, its highest since December four.

    The one-month rupee NDF was trading at 46.4350.

    Six month forward dollar premium was recorded low at 2.90/92 per cent (3.05/06) and one-year annualised dollar premium also ended weaker at 2.75/77 per cent (2.82/84).

    The domestic unit was quoted against global currencies like Euro at 66.58/60 (67.10/12) per unit, Pound Sterling at 75.04/06 (75.50/52) per unit and Yen at 49.88/90 (50.42/44) per 100 units, dealers added.


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