Rupee Closes At Over 3-Month High Against Dollar

After touching a peak of nearly three years during the day, closed on Wednesday 10 Pais to therupee 44.08/09 - three and a half month high - against the U.S. currency higher U.S. dollar selling by banks and exporters.

In a see-saw trade Interbank Foreign Exchange (Forex) market, local currency opened strong dollar yesterday's closing of 44.09/10 44.18/19.

In intra-day touched the 43.85 level, which was last seen in the 29 August 2008, when the local unit had met the highest 43.71.

Rupee concluded 44.08/09 days. Forex dealers attributed the initial sharp rise in local currency, constant dollars, some banks and exporters to sell U.S. dollars asweak well as abroad.

New York market, the U.S. dollar weakened against many currencies yesterday, touching a record low against the Swiss franc and Japanese yen, near the recent low in comparison, they said.

But at the end of a good importer demand for U.S. dollar and weakness in the later part of the day local shares weighed rupee, dealers added.

Alpari Financial Services (India) CEO Pramit Brahmbhatt said: "Today, the rupee rose to 35-month high in intraday trading, closed these cues in the global markets where the dollar traded slightly against major currencies in Indian stock markets almost half a percent lower today, somewhat truncated rupee from it .. "

India's Forex Advisors managing director Abhishek Goenka said: "The weak U.S. dollar trading abroad has increased the strength of the local unit."

"It should be noted that despite the rupee break the strong support level of 43.98 could not sustain its gains and closed more than 44 levels. This was mainly due to the euro and to withdraw from the local stock market," Goenka added.

The dollar index back to its initial losses and was trading 0.17 per cent against the basket of currencies during New York crude was trading below $ 99 barrel in the market today.

Meanwhile, Bombay Stock Exchange SENSEX comparing, after losing almost 353 points yesterday closed 86 points lower, or 0.46 percent.

Premium dollar to rupee ended lower by exporters of fresh Receiving. Benchmark six months ahead U.S. dollar premium payable in December hit weak 123-1/2- 125-1/2 Paisa Paisa 124-1/2-126-1/2 from yesterday.

Far-end futures contracts maturing in June and completed before the end of last 230-1/2-232-1/2 Paisa Paisa 232-234.

The RBI fixed the reference rate for U.S. Dollar Euro Rs 63.6663 and Rs 43.9485.

Rupee back to Rs 72.13/15 against the British pound from Tuesday close of Rs 72.46/48 and also returned to Rs 63.70/72 per euro earlier Rs 63.99/64.01.

However, it fell against the Japanese yen to Rs 56.66/68 per 100 yen at the end of the previous expiry of Rs 56.58/60.