Business Daily from THE HINDU group of publications
Tuesday, Oct 31, 2006

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Money & Banking - Forex
Rupee gains, breaches 45

Our Bureau

Mumbai , Oct. 30

The rupee pierced the psychological 45-mark against the greenback with the currency closing at 44.97/98 on dollar inflows. It had closed on Friday at Rs 45.19. Dealers said foreign banks like HSBC were selling dollars. The surge in the domestic stock market also aided sentiment.

"Corporate earnings were entering the system. Besides, capital flows into the stock market also increased dollar supply," said a dealer at a private bank. The home currency was tracking the gains made by the yen and euro. The yen strengthened to 117.39 against the dollar from Friday's 118.35. In forwards, the 12-month closed at 1.67 per cent (1.55) and the 6-month ended at 1.82 per cent (1.65).

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