MUMBAI: The rupee sustained rally for the second consecutive day and on Friday ended at 44.2150/2250 against dollar, up by another 12 paise over last close of 44.3350/3450 following heavy exporters dollar sales amid negligible capital inflows.
In volatile trade at the Interbank Foreign Exchange (forex) market, Indian unit surged against dollar despite a sharp fall of 164 points or 1.26 per cent in equity markets. The local currency fluctuated in a wide range of 44.2150 and 44.3600 during the day but surprisingly, discounted its correlation with the equity market.
Exporters were selling dollar heavily in a bid to cover their positions at the current levels, a forex dealer said. Drawing support initially from improving Asian currencies which moved upwards against dollar after being knocked during recent global stocks meltdown, the rupee advanced strongly despite negligible dollar supplies after consistent outflows, commented a leading banker.
Monday, June 11, 2007
forex markets
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