Indian rupee hits an over 15-month high at 45.30 a dollar
11 Jan 2010
The Indian rupee rose to its highest level against the US dollar in more than 15 months today, gaining from a weakness in the dollar after disappointing US jobs and export data.
Rising foreign currency inflows into Indian stocks also helped the rupee move above its Friday's close of 45.75/76 against the greenback .
The rupee hit a high of 45.30 against the dollar and was at 45.36/37 per dollar in early morning trade - its highest since 22 September 2008.
At 2 pm, the rupee was at 45.34/35 a dollar, off a high of 45.2850 and above its Friday's close of 45.75/76.
Most dealers expect the trend to continue while some see consolidation around 45-a dollar levels.
Dealers, meanwhile, spotted state-run banks buying dollar in the spot market at around the 45.30 a dollar, preventing further gains in the rupee.
The index of the dollar against six major currencies was down 0.6 per cent. One-month offshore non-deliverable forward contracts were quoted at 45.32, closer to the onshore spot rate.
In the currency futures market, the near-month contracts on both the National Stock Exchange and the MCX-SX were quoting at 45.4050, while the total traded volume rose to $4.9 billion.
