In­dian ru­pee up a tad in nar­row band

The Financial Daily - - MONEY & FOREX -

MUM­BAI: The In­dian ru­pee rose marginally on Wed­nes­day, but was stuck in a nar­row band, as de­mand for the dol­lar from oil im­porters off­set lo­cal share gains and dol­lar in­flows.

The par­tially con­vert­ible ru­pee closed at 44.745/755 per dol­lar, 0.1 per cent stronger than its pre­vi­ous close of 44.78/79. It had traded in a range of 44.7200-44.7950 in­tra­day.

"To­mor­row be­ing the month-end and the fis­cal yearend, ru­pee might be a bit volatile. To­day not much of ac­tiv­ity was seen," said Naveen Raghu­van­shi, an as­so­ciate vice pres­i­dent at De­vel­op­ment Credit Bank.

"Peo­ple will have to square­off," he said, adding the ru­pee is ex­pected to trade in a broad band of 44.50-45.00 per dol­lar on Thurs­day.

The one-month on­shore for­ward pre­mium was at 25.25 points, down from 27.50, the three-month pre­mium at 78.25 points ver­sus 82.75 and the one-year at 288.00 points from 296.25.

The one-month off­shore non-de­liv­er­able for­ward con­tracts were quoted at 44.98, weaker than the on­shore spot rate.

In the cur­rency fu­tures mar­ket, the most traded near­month dol­lar-ru­pee con­tracts on the Na­tional Stock Ex­change were at 44.9400, and on the MCX-SX and the United Stock Ex­change at 44.9450, with the to­tal vol­ume at about $5.48 bil­lion. - Reuters

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