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Rupee Down By 9 Paise Vs Dollar At 50.78/79

Mumbai, Mar 28: The rupee today fell moderately by 9 paise to close at 50.78/79 against the US currency following weakness in local stocks and good dollar demand from importers.Slow-down in capital inflows due to

PTI [ Updated: March 28, 2012 19:01 IST ]
rupee down by 9 paise vs dollar at 50.78/79
rupee down by 9 paise vs dollar at 50.78/79

Mumbai, Mar 28: The rupee today fell moderately by 9 paise to close at 50.78/79 against the US currency following weakness in local stocks and good dollar demand from importers.


Slow-down in capital inflows due to lack of clarity on General Anti-Avoidance Rule (GAAR) also weighed on the rupee, a dealer said.

However, fall in dollar overseas capped the rupee slide to some extent, the dealer added.

At the Inerbank Foreign Exchange (Forex) market, the domestic unit opened weak at 50.86/87 a dollar from previous close of 50.69/70 and immediately touched a low of 51.10 on heavy dollar demand from importers, mainly oil refiners, to meet their month-end requirements.

Some weakness in local equities amid expectations of more capital outflows also kept pressure on the rupee, a dealer said.

However, Later dollar selling by exporters at its higher levels an softening global crude oil prices helped the rupee to recover some lost ground and touched a high of 50.72 before ending still lower at 50.78/79. Yesterday, it had gained by 0.58 paise or 1.13 per cent.

“The negative equity markets due to lack of clarity on GAAR weighed on rupee,” Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said.

“The year-end dollar demand has been active and gains are also resisted by some exporter selling,” he added.

The BSE benchmark Sensex today ended down by 135.74 points or 0.79 per cent today.

The dollar index, a gauge of six major currencies, was down by over 0.15 per cent while New York crude oil prices was trading around 106.5 a barrel in Europe today.

The rupee premium for the forward dollar closed further lower on sustained receivings by exporters.

The benchmark six-month forward dollar premium payable in August remained weak to settle at 160-162 paise from overnight close of 164-1/2-166 paise and far-forward contracts maturing in February also concluded down at 289-291 paise from 296-298 paise previously.

The RBI fixed the reference rate for the US dollar at 50.9175 and for euro at 67.8500.

The rupee ended further slightly better at Rs 80.81/83 against the pound sterling from last close of Rs 80.86/88 while reacted downwards against the euro to Rs 67.83/85 from Rs 67.66/68.

It, also, turned negative against the Japanese yen to settle at 61.18/20 per 100 yen from Rs 61.15/17.

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