Monday, November 29, 1999

Rupee up 24 paise against dollar at 46.55/56

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Mumbai, June 17 (PTI) The Indian rupee today ended higher by 24 paise at 46.30/31 against the US dollar on the back of persistent capital inflows. The Indian rupee resumed slightly lower at 46.55/56 per dollar at the Interbank Foreign Exchange market on mild dollar demand from banks. It had closed yesterday at 46.54/55. However, it recovered sharply to 46.28 per dollar before finishing at 46.30/31 per dollar. Persistent capital inflows into the equity market mainly boosted the rupee value, a dealer said. Foreign Institutional Investors bought net USD 185.18 million on June 16 as per SEBI''s report. In addition, they said selling of dollars by exporters contributed to the rupee''s rise. Meanwhile, the Indian benchmark Sensex extended its rally for the seventh trading session today by gaining 154 points, or 0.88 per cent. The rupee premium for the forward dollar hardened further due to sustained paying pressure from banks and corporates. The benchmark six-month forward dollar premium payable in November closed up at 71-1/2-73 paise from 67-69 paise on Wednesday and far-forward maturing in May also ended higher at 131-132 paise from 122-124 paise previously. In London, the euro slipped against the dollar as worries about Spain''s public finances and banking system impacted the sentiment, with results of a Spanish bond auction awaited. Global crude oil was trading above USD 77 a barrel in London today. The Reserve Bank of India fixed the reference rate for dollar at Rs 46.50 and for the euro at Rs 57.09. In cross currency trade, the domestic currency firmed up against the pound and the Japanese yen, but declined against the euro. The rupee moved up against the pound to end at Rs 68.59/61 per pound from Wednesday''s close of 68.87/89, while declined further against the euro to Rs 57.31/33 from Rs 57.16/18 previously. It, however, improved further against the yen to Rs 50.70/72 per 100 yen from its last close of RS 50.86/88. PTI SBP RSU ARV.

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