Rupee stronger by 35 paisa at 47.05

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Updated: 04/11/2009 | 07:52 PM IST

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Press Trust of India

Wednesday, November 04, 2009 (Mumbai)

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Amid a strong equity market, the rupee on Wednesday appreciated by 35 paisa at 47.05/06 against the US currency on expectations of heavy capital inflows and dollar selling by exporters.

Forex dealers said a weak dollar overseas against a basket of currencies also led to the rise in rupee value.

They said the rupee sentiment was also boosted by Finance Minister Pranab Mukherjee's statement that the government will not put any curbs on foreign inflows and ruled out withdrawal of fiscal stimulus packages till the economy recovers fully.

The domestic currency moved in a range of 46.97 and 47.25 during the day after resuming stronger at 47.22/23 a dollar from its last close of 47.40/41 a dollar.

The rupee had weakened by 44 paisa against dollar on Tuesday following a sharp fall of over 3.0 per cent in the benchmark Sensex, which on Wednesday recovered by 3.29 per cent.

The 30-share index on Wednesday gained 507 points to close at 15,912.13. Meanwhile, in the overseas market, the dollar dropped sharply ahead of a policy decision by the US Federal Reserve.

Meanwhile, global oil prices surged to above $80 a barrel in Asian trade on Wednesday, aided by weakness in dollar.

The Reserve Bank of India, however, fixed the reference rate for the US dollar at Rs 47.13 and for the euro at Rs 69.41.

Rupee premiums on the forward dollar ended slightly lower on sustained receiving by exporters.

The benchmark six-month forward dollar premium payable in April ended weak at 63-65 paisa from 64-66 paisa on Tuesday and far forwards maturing in October also finished lower at 129-131 paisa from 130-132 paisa previously.

In cross-currency trade, the domestic currency declined against the pound sterling, while the euro recovered against the Japanese yen.

The rupee fell against the pound to end at Rs 77.71/73 per pound from its overnight closing level of Rs 77.25/27 per pound and also moved down against the euro to Rs 69.42/44 per euro from Rs 69.37/39 per euro previously.

It, however, recovered against the Japanese yen to end at Rs 51.82/84 per 100 yen from its last close of Rs 52.64/66 per 100 yen.