Rupee ends 11 paise up against dollar

Mumbai, Feb 7 (PTI) The rupee continued to rule firm forthe fifth straight day today against the US currency bygaining 11 paise to end at 45.48/49 on persistent dollar saleby banks and corporates on the back of a weak greenbackoverseas.

Forex dealers said that the US dollar lost some ground toits European counterpart in Asian trade though investorsappeared more concerned about the euro''s downside risks thanits upside potential.

The euro sentiment strengthened with the French FinanceMinister Christine Lagarde saying on Sunday that globalforeign-exchange imbalances must be tackled, as the euro isthe victim of a weak US dollar and Chinese yuan.

Meanwhile, crude oil was traded below USD 90 a barrelin the Asian trade.

The Bombay Stock Exchange benchmark Sensex ended slightlyhigher by 29.04 points or 0.16 per cent.

The domestic unit opened lower at 45.61/62 per dollar onmild dollar demand from importers as against last weekend''sclose of 45.59/60 per dollar but later it recovered to a highof 45.45 on selling of dollars by exporters and banks beforeending at 45.48/49 per dollar.

It moved in a range of 45.45 per dollar and 45.65 perdollar during the day.

The rupee premium for the forward dollar ended weak onfresh receivings by exporters. The benchmark six-month forwarddollar premium payable in July closed lower at 135-1/2-137-1/2from 138-140 paise on last Friday and far-forward contractsmaturing in January finished down at 270-272 paise from271-273 paise previously.

The Reserve Bank of India has fixed the reference ratefor the dollar at Rs 45.59 and the euro at Rs 62.04.

The rupee moved up further to Rs 73.25/27 against thepound sterling from last Friday''s close of Rs 73.50/52 andalso firmed up to Rs 61.63/65 per euro from Rs 62.14/16previously.

However, it recovered against the yen to Rs 55.23/25 per100 yen from its last close of Rs 55.86/88.