Rupee forward contracts at six-month low on hopes of rate cut
The 12-month forward premium for the dollar was trading 450 points above the spot rate.It had fallen sharply in recent sessions to levels last seen in May. Traders said premium fell on hopes of an early rate cut by RBI. Rate cuts were seen boosting economic growth at a time of easing inflation. Short sellers also built positions in NDFs on bets that the spot rupee will remain stable, traders add.
Rupee gains 6 paise against dollar in early trade
The rupee strengthened by six paise to 61.34 against the US dollar in early trade today at the Interbank Foreign Exchange on selling of the US currency by exporters and banks amidst sustained capital inflows.The rupee settled four paise down at 61.40 against the dollar on Monday. Forex market remained closed yesterday on account of "Muharram".Traders said besides selling of the American currency by exporters and banks, continued foreign fund inflows and a higher opening in the domestic equity market, helped the local currency to strengthen but the dollar's gain against other currencies overseas, capped the rupee's rise. Meanwhile, the benchmark BSE Sensex soared by 111.45 points, or 0.40 per cent, to 27,971.83 in early trade today.
The 12-month forward premium for the dollar was trading 450 points above the spot rate.It had fallen sharply in recent sessions to levels last seen in May. Traders said premium fell on hopes of an early rate cut by RBI. Rate cuts were seen boosting economic growth at a time of easing inflation. Short sellers also built positions in NDFs on bets that the spot rupee will remain stable, traders add.
Rupee gains 6 paise against dollar in early trade
The rupee strengthened by six paise to 61.34 against the US dollar in early trade today at the Interbank Foreign Exchange on selling of the US currency by exporters and banks amidst sustained capital inflows.The rupee settled four paise down at 61.40 against the dollar on Monday. Forex market remained closed yesterday on account of "Muharram".Traders said besides selling of the American currency by exporters and banks, continued foreign fund inflows and a higher opening in the domestic equity market, helped the local currency to strengthen but the dollar's gain against other currencies overseas, capped the rupee's rise. Meanwhile, the benchmark BSE Sensex soared by 111.45 points, or 0.40 per cent, to 27,971.83 in early trade today.
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