` JUMPS 50 PAISE

Millennium Post - - Front Page -

MUM­BAI: The ru­pee rose by 50 paise to end at 72.50 per US dol­lar Fri­day on in­creased sell­ing of the green­back by ex­porters amid soft­en­ing crude oil prices, which slipped be­low the $70 per bar­rel mark.

The dol­lar weak­ened fol­low­ing the US mid-tem elec­tion re­sults, which showed Democrats wrest­ing con­trol of the House of Rep­re­sen­ta­tives from the rul­ing Repub­li­can party.

How­ever, it later staged a re­cov­ery af­ter the US Fed kept in­ter­est rates un­changed but in­di­cated a hike next month.

Forex traders said the ru­pee's rise was sup­ported by dol­lar-sell­ing by ex­porters and banks, and the green­back's weak­ness against some cur­ren­cies over­seas.

At the In­ter­bank For­eign Ex­change (forex) mar­ket, the ru­pee opened on a firm note at 72.68 from Tues­day's close of 73.

It climbed to a high of 72.45, driven by dol­lar sell­ing by ex­porters, but ceded some ground to fi­nally end at 72.50, up 50 paise over its last close.

The ru­pee had re­bounded by 12 paise to end at 73 per US dol­lar Tues­day. In the last two trad­ing ses­sions, the ru­pee has gained 62 paise.

The forex mar­ket was closed on Wed­nes­day and Thurs­day on ac­count of 'Di­wali' and 'Di­wali Baliprati­pada' re­spec­tively.

Glob­ally, Brent crude, the in­ter­na­tional bench­mark, slipped be­low the $70 per bar­rel mark Fri­day be­fore a week­end meet­ing of ma­jor oil pro­duc­ing na­tions in Abu Dhabi.

Mean­while, for­eign in­sti­tu­tional in­vestors (FIIS), which had been sell­ing on the In­dian bourses, made fresh pur­chases worth Rs 31.02 crore Wed­nes­day, as per pro­vi­sional data.

The Fi­nan­cial Bench­mark In­dia Pri­vate Ltd (FBIL) set the ref­er­ence rate for the ru­pee/ dol­lar at 72.7347 and for ru­pee/ euro at 82.5195. The ref­er­ence rate for ru­pee/bri­tish pound was fixed at 94.8737 and for ru­pee/100 Ja­panese yen at 63.84.

Mean­while, do­mes­tic bench­mark in­dices ended on a neg­a­tive note af­ter a choppy ses­sion Fri­day. The 30-share Sen­sex fell 79.13 points, or 0.22 per cent, to close at 35,158.55, while the broader NSE Nifty slipped 13.20 points, or 0.12 per cent, to 10,585.20. Scrips of oil mar­ket­ing com­pa­nies like HPCL, BPCL and Oil In­dia also ral­lied up to 4.70 per cent.

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