Friday, February 6, 2009

Rupee ends higher by another 9 paise at 48.68/69

The Indian rupee on Friday ended higher by another nine paise to close at nearly a four-week high of 48.68/69 against the greenback on

the back of a smart rise in equity markets amid narrow movements in the dollar overseas.

In range-bound trade at the Inter-bank Foreign Exchange (Forex) market, the local currency resumed higher at 48.70/71 from the previous close of 48.77/79 a dollar.

It later moved in a range of 48.66 and 48.77 before settling the day at 48.68/69 a dollar.

Forex dealers attributed the rise in the rupee to smart recovery in the Indian benchmark Sensex, which ended up by nearly 210 points or 2.31 per cent on firm global cues and expectations of more sops in the forthcoming interim budget.

Asian indices also ended stronger following a good rally on Wall Street last night on expectations of a massive US stimulus package later in the day.

The dollar was trading in a narrow range against its major rivals in Asian trade today as attention was focused on the fate of the US stimulus package and the announcement of jobs data.

According to analysts, the rise in the rupee was restricted by sustained capital outflows.

Meanwhile, global crude oil prices were trading above USD 40 a barrel in Asian trade today.

1 comment:

Business News This Week said...

There is demand for dollar which affected the rupees.