Rupee gains ten paise against USD during the week

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Mumbai, Dec 1: The Rupee moved up by ten paise against the US Dollar amid volatile trading in Inter Bank Foreign Exchange (Forex) market during the week.

The partially convertible Indian unit traded in a wide range of 39.58 and 39.91 per Dollar on jittery sentiments of Indian stock market during the week.

Although, the Rupee resumed pretty firm at 39.58 per Dollar on Monday but slid more than 20 paise to close at 39.80 per Dollar as compared to previous close of 39.71 per Dollar on the same day.

Rest of the week, it kept fluctuating around the same level and ended firm at 39.61 per Dollar on the last trading day of the week, dealers added.

With US Federal Reserve's meeting scheduled to be held on December 11, investors are jittery about the Dollar currency. The suspected cut in the key rates by the US Fed would boost the foreign fund inflows in the Indian market, which may further fuel the Rupee rise, a senior dealer with a leading private bank said.

Moreover, uncertainty was prevalent during the week among the investors. The local unit rise was also helped by greater inflow of capital in local bourses. It is also expected this trend will continue in the further sessions following the sentiments of the stock market movements. However, the Central Bank may continue its intervention against the strong move of the Rupee, he added.


UNI

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