Snapping 5-session losses rupee ends 14 paise up Vs dollar

Written by: Pti
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Mumbai, Jan 27 (PTI) Shrugging off a steep fall in localequities, the rupee today snapped its five-session long losingspree and gained 14 paise to close at Rs 45.57/58 against thegreenback, following a heavy dollar sale by exporters and somebanks.

Forex dealers said that fresh sale of dollars byexporters and banks on the back of fall in dollar value in theNew York market yesterday after Federal Reserve policy makersunanimously agreed to maintain low rates and their bond buyingprogram, supported the rupee in early stages.

The Bombay Stock Exchange benchmark Sensex ended the daydown by about 285 points at 18,684.43 level.

In active trade at the Interbank Foreign Exchange (Forex)market, the domestic currency opened strong at 45.58/59 perdollar from Tuesday''s eight-week low closing of 45.71/72.

Later, it moved in a range of 45.6750 and 45.50 beforeconcluding the day at 45.57/58.

However, the US unit reversed its initial firm trend inEuropean market today and the dollar index was quoting down bynearly 0.1 per cent against the six major currencies.

Meanwhile, global crude oil was trading below USD 87 abarrel in London today.

The rupee premium for the forward dollar ended furtherlower on sustained receiving by exporters. The benchmarksix-month forward dollar premium payable in June closed weakat 119-121 paise from 122-124 previously.

Far-forward contracts maturing in December also finisheddown at 242-244 paise from 244-246 paise on Tuesday.

The Reserve Bank of India has fixed the reference ratefor the dollar at Rs 45.57 and the euro at Rs 62.46.

The rupee fell back to Rs 72.67/69 against the poundsterling from Tuesday''s close of Rs 72.17/19 and moved downfurther to Rs 62.55/57 per euro from Rs 62.26/28 previously.

It, however, recovered against the yen to Rs 54.96/98 per100 yen from its last close of Rs 55.53/55.

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