Entries Tagged 'Forex' ↓

The rupee climbed to a fresh nine-year peak today as the partially convertible rupee ended at 39.770/775 per dollar, easing slightly from an intraday peak of 39.72, a level it last traded in May 1998, but rising smartly from Friday’s close of 39.90/91.

Rupee today hit a fresh 9-year high against the U.S.dollar. Rupee ended higher at Rs 39.88 per USD against its previous close of Rs 40.20 yesterday. Rupee appreciation was aided by the consistent dollar inflows into the Indian stock markets by the Foreign Funds and the lack of apetite from the Indian Financial institutions to buy the dollars.

The rupee today rose 0.7% to Rs 40.21 per dollar which is the highest in more than nine years. Before the Sensex rose to record today with more than 654 points gain , stoking optimism that the overseas funds will buy more local stocks.

Based on the optimism and the Global funds coming heavily into the market Rupee ended Rs 40.21 per dollar, its highest since May 1998.

The US Federal Reserve lowered on Tuesday the benchmark federal funds target rate by 50 basis points to 4.75 per cent from 5.25 per cent. It also cut the discount rate it charges for direct loans to banks by a half-point to 5.25 per cent.

Rupee continued to remain firm against the US currency on Thursday well supported by global factors like weak dollar rate 
against major world currencies and heavy expectations of capital inflows.

Rupee resumed today firm at Rs 40.40 per dollar from the previous close of Rs 40.44 per dollar but later closes at its previous level.

While Global oil prices crossed $80 a barrel for the first time in New York, Oil Companies seem to be buying some dollars trimming the Rupee margin levels.

The rupee rallied smartly against the US currency and ended at 40.7950/8050 a dollar, dearer by 13 paise from Wednesday’s close of 40.9250/9350 on increased FII inflows and strong equity markets.

In active trade at the Interbank Foreign Exchange (forex) market, the local currency moved widely in a range of 40.73 and 40.97 during the day after resuming steady at 40.93/94 against the greenback.

The rupee on Tuesday ended at 41.16/17 per dollar compared to the previous close of 41.01/02 on Monday.

The partially convertible rupee ended at 41.04/06 per dollar on Thursday, after bouncing in a 40.7750-41.20 range. It had ended at 40.89/90 on Wednesday.

According to the market analysts,Rupee may ease on Friday on renewed concerns about the fallout of the problems in the US housing and credit markets, which drove down Asian indices, as well as an ongoing domestic political standoff.