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

    Default Rupee ends at 15-week high of 45.67 per USD

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    The Rupee today closed at a 15 week high at 45.67/68 against the dollar with a gain of 18 paise on heavy selling pressure on the greenback by foreign banks and weak trend at local stock market, traders at the domestic interbank foreign exchange (forex) said here.

    The Indian unit resumed firm by five paise at 45.80 a dollar and then its movement was range bound beween 45.55 and 45.88 in intra day trade.

    The Rupee extended its rally this afternoon, zooming to a 15-month high, backed by large dollar sales by foreign banks, but buying of the US unit by importers and weak sharemarket prevented a sharper rise.

    The partially convertible rupee was trading at 45.69/70 per dollar after hitting 45.55 earlier, its strongest since Sept 23, 2008, and above its previous close of 45.85/86.

    ''There is large dollar selling by foreign banks, almost everyone is a seller today. Only some oil buying is seen,'' a senior dealer with a foreign bank said.

    One-month offshore non-deliverable forward contracts were quoted at 45.62/72, marginally stronger than the onshore spot rate.

    In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at 45.6875 and 45.6850 respectively, with the total traded volume on the two exchanges at about USD 4.4 billion.

    Six month forward dollar premium was recorded low at 2.58/60 per cent (2.62/64) and one-year annualised dollar premium also ended weaker at 2.45/47 per cent (2.56/58).

    The domestic unit was quoted against global currencies like Euro at 65.44/46 (65.76/78) per unit, Pound Sterling at 72.60/62 (73.12/14) per unit and Yen at 48.90/92 (49.62/64) per 100 units, dealers added.


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