Rupee ends at month's high, up by 15 paise

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Forex
Mumbai, Apr 2: The Rupee today closed at a month's high at Rs 39.97 against the US dollar with a small gain of 15 paise from its last close at 40.12/13 on March 31 following bullish trend on the Indian bourses and some good buying in dollars by select nationalised banks in the forex market.

The spot rupee today resumed higher by 17 paise at 39.95/96 against the US Dollar compared to 40.12/13 on March 31 due to scattered demand in Dollars by leading nationalised banks along with oils companies, dealers said.

The rupee fluctuated in a narrow range between 39.88 and 40.03 during the session.

The rupee inched lower due to inflow of money from overseas, though gains were checked as oil importers bought dollars to meet the current requirement along with strong Indian bourses, dealers said.

The rupee drifted lower on hopes of increase in inflows of overseas capital into local stocks, which were expected to firm, following strong showings in markets across Asia, dealers said.

India's main share index rose by 123.78 and closed firm at 15,750.40 points on cues from Asian stocks, after Lehman Brothers securities offering met strong demand, raising hopes that the worst of the credit crisis might be over.

The Reserve Bank of India fixed the reference rate for the USD today at Rs 39.98, down by one paisa as compared to 39.97 on March 31.

Meanwhile, the six-month premium of dollar was quoted lower at 2.48/50 (2.55/57) per cent and annualised premium also softer at 1.68/70 (1.75/77) per cent.

The Rupee appreciated at 62.48/50 (62.85/87) against the Euro. It ended firm at 79.18/20 (79.38/40) per unit against the Pound Sterling and closed high at 39.20/22 (39.22/24) per hundred units against the Japanese Yen.


UNI

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