MUMBAI: Moving in tandem with the equity markets, the rupee appreciated sharply by 35 paise to close at 51.51/52 against the dollar on Friday.
In fairly active trading at the interbank foreign exchange market, the rupee opened firm at 51.70/71 from Thursday’s close of 51.86/87. It moved in a range of 51.44 and 51.78 before concluding at 51.51/52.
Forex dealers attributed the rise in the rupee mainly to firm equity markets amid expectations of fresh capital inflows. Meanwhile, New York’s main futures contract, light sweet crude for April, was quoting near $46 a barrel in Asian trade.
The Reserve Bank of India fixed the reference rate for the dollar at Rs. 51.67 and for the euro at Rs. 66.73. The rupee premiums on the forward dollar ended lower due to fresh receiving by exporters.
In cross-currency deals, the domestic currency ended lower against the British pound sterling while it rose against the euro and the Japanese yen. The rupee fell against the pound sterling to end at Rs. 72.24/26 against Rs. 71.61/63 while it recovered against the euro at Rs. 66.39/41 against Rs. 66.43/45.
It also improved against the Japanese yen to Rs. 52.44/46 per 100 yen from Rs. 53.68/70.
Source : The Hindu