Indian currency rallied for the second consecutive day on Friday by 11 paise to mark its closure on a strong note at 46.84 against the dollar following renewed selling action on the greenback by foreign banking institutions and string trend in equity rates.
Dealers at the Interbank Foreign Exchange (FOREX) said that the rupee started the day higher at 46.75 per dollar and then it started trading in a narrow range between 46.68 and 46.90 in intra day trade.
During noon, the Indian unit drew back from one-week highs, following moves in the local stock market, with traders watching the dollar’s moves as against majors for further direction.
The euro hit headwinds above $1.21 on Friday, as profit-booking set in when it failed to push through strong resistance.
One-month offshore non-deliverable forward contracts were quoted at 47, lower than the onshore spot rate.
In the currency futures market, the most traded near-month dollar-rupee contracts on NSE and MCX-SX stood at 46.9575, with the total traded volume on the two exchanges at about USD 3.7 billion.
In the meantime, dollar’s six-month forward premium stood higher at 3.12/14 (3.10/12) per cent and one-year premium was also stronger at 2.68/70 (2.60/62) per cent.
The rupee closed against Euro at 56.66/68 (56.55/57) per unit, Pound sterling at 68.34/36 (68.46/48) per unit and Yen at 51.25/27 (51.45/47) per 100 units.
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