Rupee gains on dollar sales by exporters, RBI
25 May 2012
The rupee ended higher on Friday, gaining further over Thursday's modest recovery, helped by exporter sales of dollar and the Reserve Bank of India's intervention, both in the spot as well as the forward markets.
Heavy dollar sales by exporters, the RBI and custodian banks helped the rupee firm up from Thursday's low of 55.65/66 against the US dollar.
The rupee closed Friday's session at 55.37/38 per dollar, up 28 paise from Thursday's close of 55.65/66 against the dollar.
The Indian unit had posted eight consecutive weekly falls, hitting a record low of 56.40 to the US dollar on 16 May.
While RBI did intervene in early trading on the interbank foreign exchange market, most of the dollar sales were from exporters, market sources said.
Forex traders said there was good receiving by exporters in forwards as well, with the six-month forward premium falling to 169.75 points from 173.75 points at the open.
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