Rupee appreciates by nearly 20 paise in past week
Mumbai,
Sep
8:
The
Rupee
moved
ahead
by
nearly
20
paise
in
the
past
week,
drawing
heavy
support
from
the
boom
in
Sensex
margins
which
rose
by
1.77
percent
(by
nearly
271.82
points)
during
the
period
to
end
at
15,590.42.
Rupee, which ended at 40.68/69 per US dollar on Friday, much above from its closing margin of 40.88/89 on Monday, stood in a tight range of 40.90-99 till Thursday.
However, strong inflows into domestic equities had added momentum to the unit's pace enabling it to march up to an intra-day high of 40.73/74 per dollar on Thursday, though it later closed at 40.80/81 in the late day trade.
''Rupee is likely to go up further next week on account of the heavy inflows and may go up to 40.50 per dollar. But the Reserve bank may intervene on Rupee's gains if it goes past this level.'', said a dealer.
On the other side, Forwards showed strong over the week as the Six month premia ended at 1.26 percent (1.18) while annualised premia closed at 1.44 percent(1.30).
Rupee staged strong against major world currencies also. Against Euro it ended at 55.57/58(55.75 on Monday) per unit each, at 82.02/03(82.47) per ach unit while Yen was quoted at 35.23/24(35.29) per hundred units each.
UNI