Rupee gains 18 paise Vs dlr

Dealers said dollar selling by exporters and banks mainly supported the rupee. Weak dollar overseas against its major rivals also boosted the market sentiment, they added. The dollar hit three-week low against the euro.

Dealers said that continued capital inflows in equities too helped the rupee rise. Foreign Institutional Investors pumped a whopping USD 2.33 billion in the current month till March 10.

The dollar turned slightly lower in New York versus euro and other major currencies yesterday on the back of reports showing the trade deficit unexpectedly shrank and initial claims for jobless benefits fell. Meanwhile, global crude oil prices were trading above USD 82 a barrel in London today.

The Reserve Bank of India fixed the reference rate for the dollar at Rs 45.45 and for the euro at Rs 62.27. The rupee premium for the forward dollar ended barely steady on alternate bouts of buying and selling. The benchmark six-month forward dollar premium payable in August finished at 63-64 paise from 62-64 paise on Thursday and far-forward maturing in February also ended stable at 124-125 paise from 124-1/2-126-1/2 paise previously.

In cross currency trade, the domestic currency dropped further against the pound and euro. The rupee recovered against the Japanese yen. The rupee moved down further against the pound to end at Rs 68.87/89 per pound from Thursday's close of Rs 68.60/62 and also declined against the euro to Rs 62.57/59 per euro from Rs 62.29/31 previously.

It, however, recouped against the yen to Rs 50.24/26 per 100 yen from its last close of Rs 50.39/41.

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