Monday, April 16, 2007

Currency Rates

Rupee mounts a nine year high against USD, ends at 41.93

Mumbai, Apr 16: The spot Rupee today climbed a nine year high as it rose by a massive 59 paise and finished at Rs 41.93 as against the previous close of Rs 42.51/52 on last Friday.

The surge of the Indian unit was buoyed by weak dollar and strong equity related inflows, according to dealers.

Earlier in the morning session, the spot Rupee opened at stronger levels at 42.51/52 and later went down to a day's low of 42.55 but performed a strong comeback to the nine year high of 41.87. The escalation of the Indian unit is also attributed to the absence of Dollar buying in the market by the state run banks, dealers opined.

Rupee also drew support of a statement issued by Finance minister P Chidambaram over the consitency of Indian Rupee in remaining competetive among the foreign currencies.

Forward premia opened marginally lower before edging back on account of sell-buy swaps. Six-month and twelve-month forward premia closed at 6.45 per cent and 4.83 per cent, respectively.

The Reserve Bank of India (RBI) today fixed the reference rate at Rs 42.30 per US dollar, up by 44 paise from its Friday's rate of Rs 42.74 per USD, according to a RBI spokesperson here.

The domestic unit today continued to be weaker against the major world currencies. Against the Euro it closed at 56.62 (57.27/32), Pound finished lower at 83.20 (84.12/20) per unit each and Yen was also quoted lower at 34.95 (35.73/74) per 100 units, brokers said.

Article Title: Rupee mounts a nine year high against USD, ends at 41.93
(c) 2007 Published with permission from United News of India.
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