ZCZC
BCN-20,21
INDIA-FOREX-USD-WEEKLY
Rupee ends at 1-week high of 72.48 against US dollar
Mumbai, Sep 29, 2018 (BSS/PTI) – Continuing its healthy recovery momentum
for the third-straight day, the rupee Friday gained 11 paise to end at a one-
week high of 72.48 against the US dollar on sustained selling of the American
currency by exporters.
However, the domestic for the week finished lower by 28 paise, posting its
fifth straight weekly loss.
Ongoing global trade war concerns and surging global crude prices caused some
discomfort for the rupee and restricted the gains.
Heavy month-end dollar demand from importers also weighed on the forex front.
Besides, caution prevailed ahead of RBI policy meeting next week.
The Indian unit traded in the range of 72.39-72.67 against the greenback most
part of the day.
In the meantime, global crude prices steadied near USD 82 a barrel mark as US
sanctions on Tehran squeezed Iranian crude exports, tightening supply even as
other key exporters increased production.
The domestic equities market, however, drifted for the third consecutive
trading day as selling pressure remained unabated in select banking counters
and NBFCs due to high valuations and exacerbated fears of liquidity crisis in
the sector.
The benchmark Sensex dropped 97.03 points to end at 36,227.14, while Nifty
fell over 47 points at 10,930.45.
Upgrading its economic outlook, the Federal Reserve on Wednesday raised its
key short-term interest rate by a quarter point for the third time in 2018
and kept its forecast for another hike later this year.
Maintaining its bullish bias, the rupee opened higher at 72.49 from overnight
close of 72.59 at the inter-bank foreign exchange market (forex) here.
After extending a rally to hit a session of high of 72.39 in late afternoon
deals, the local currency finally settled the day at 72.48, showing a gain of
11 paise, or 0.15 per cent.
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ZCZC
BCN-21
INDIA-FOREX-USD-WEEKLY 2 MUMBAI
The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the
reference rate for the dollar at 72.5474 and for the euro at 84.4428.
In the cross currency trade, the rupee rose further against the British Pound
to end at 94.57 per pound from 95.27 and hardened against the euro to close
at 83.94 from 84.95 earlier.
The home unit also rebounded against the Japanese yen to conclude at 63.92
per 100 yens from 64.35.
On the global front, the dollar staged a rebound following bullish macro data
as the US economy expanded at its fastest pace in nearly 4 years.
Against a basket of other currencies, the dollar index is up at 94.90.
Elsewhere, the euro plunged to an 11-day low – its worst one-day decline in
seven weeks after Rome agreed to set a higher than expected budget deficit
target that could put it on a collision course with Brussels.
In forward market, premium for dollar fell owing to steady receiving from
exporters.
The benchmark six-month forward premium payable in January 2019 dropped to
105-107 paise from 107.25-109.25 paise and the far-forward July contract also
eased to 259.50-261.50 paise from 266-268 paise.
BSS/PTI/HR/1010