Rupee gains six paise against USD during the week

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Forex

Mumbai, Dec 15: The Rupee strengthened by about six paise against the Dollar, tracking the Indian equity market, amid high volatility throughout the week ended December 14.

The partially convertible Indian unit fluctuated in an wide range band of 39.33 to 39.45 per Dollar in Inter-bank Foreign Exchange (Forex) market amid high volatility in the week, dealers said. ''However, it was supported by the suspected intevention by the Central Bank at the level of 39.35 per dollar on friday on expectation of further gaining strength,'' a senior dealer with a leading private bank said.

The local currency maintained the trend of gaining strength as the Indian market observed high volatility. The benchmark indices of Indian bouses Sensex and Nifty hit the life-time highs and ended at record peaks in the week. Rupee has gained about 12 per cent against US dollar in this year, while it has improved about 15 per cent on year-on-year basis, dealers opined.

Further, dealers expect that the local unit may further appreciate against US currency in the future sessions and according to some reports Rupee would touch the level of 38.00 as there is a high possibility of capital inflows in the Indian market. Volitality in the market is likely to persist in the next week, dealers added.


UNI

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