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Friday, May 27, 2011

Rupee gains 12 paise versus dollar

The Indian rupee gained another 12 paise to Rs. 45.18 per US dollar in early trade on Friday on sustained selling of dollars by banks and exporters amid dollar weakness overseas and firm domestic equity markets.

Rupee gains 12 paise versus dollar
At the Interbank Foreign Exchange, the domestic unit opened higher at 45.19/20 per dollar as against Thursday’s closing level of 45.30/32 per dollar and improved further to 45.18 before quoting at 45.24/25 per dollar at 10.30 a.m.

It hovered in a range between 45.18 and 45.25 per dollar in morning deals.

Sustained selling of dollars by banks and exporters amid dollar weakness overseas and firm equity markets mainly boosted the rupee value against the dollar, a forex dealer said.

The euro rose against the dollar yesterday on the back of a report that China and other Asian investors are interested in buying Portuguese bailout bonds.

Meanwhile, oil was higher in Asian trade today as the U.S. currency weakened against the euro, boosting investor appetite for dollar-priced commodities, including crude, analysts said.

New York’s main contract, light sweet crude for July delivery, gained 29 cents to $100.52 a barrel.

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