Business Daily from THE HINDU group of publications
Saturday, Sep 09, 2006


News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Money & Banking - Forex
Rupee slips on strong dollar demand

Our Bureau

Mumbai, Sept. 8

The rupee slipped by about two paise against the greenback on continuing demand for dollars from domestic oil companies. The home currency opened at 46.16, touched an intra-day high of 46.25 and ended at 46.22. On Thursday, the rupee closed at 46.20. "Earlier in the day, the rupee strengthened to 46.12-46.14 level on reports of foreign funds flowing into the domestic equity markets," said a dealer at a private bank. "Later in the day, domestic oil companies were seen buying dollars, weakening the rupee," he said. Dealers said the rupee also tracked the movement of yen against the dollar. "Yen weakened against the dollar on reports of Japan refraining from hiking interest rates," he said. The sentiment seems to be bullish for the rupee and it is expected to trade between 46.10 and 46.35, he added. In forwards, the six-month premium ended at 1.34 per cent (1.27 per cent) and the 12-month premium at 1.33 per cent (1.30 per cent).

More Stories on : Forex

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
HDFC Bank bond sale


Gold weakens as dollar strengthens
Forex reserves rise by over $1 billion
Rupee slips on strong dollar demand
iGate scales up Canada bank account
Bond prices rally post-auction
UCO Bank to focus on educational loans
Gross bank credit up
Call rate unchanged
T-bill auctions announced
`Payroll' card to draw salary from ATMs of SBI
UWB takeover: Management bandwidth for NPAs must
LKB, Centurion merger opposed
Union Bank ties up with NBHC
Franklin Templeton signs MoU with SBP
`Customers are not irritants but important'


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line