Rupee ends at a week's high by 23 paise at 46.80/82 per dollar

Mumbai, Nov 6 : The Rupee today closed at a week's high by 23 paise at 46.80/82 against the dollar on heavy offers for the greenback by bankers and exporters in view of strong equity markets, traders at the interbank foreing exchange (forex) said here.

The Rupee strengthened to its highest in more than a week, boosted by gains in regional shares, which could prompt foreign fund inflows into the local sharemarket.

In the morning session, the partially convertible rupee was at 46.81/82 per dollar, its strongest since Oct 27, and above its previous close of 47.0150/0250.

The MSCI index of Asian stocks ex-Japan was 1.7 per cent higher, while the Nifty India stock futures traded in Singapore were up 1 per cent, both suggesting a higher start to the local sharemarket.

The dollar held steady on Friday with investors consolidating positions ahead of October non-farm payrolls data due later in the session, a report that would highlight the durability of an economic recovery.

Six month forward dollar premium recorded a low at 2.66/68 (2.68/70) per cent, but one year dollar premium was quoted firm at 2.74/76 (2.70/72).

Rupee ended at a nearly one week high as major global currencies like Euro closed at 69.52/54 (69.76/78) per unit, while Pound Sterling finished at 77.62/64 (78.02/04) per unit and Yen closed at 51.58/60 (52.02/04) per 100 units, brokers added.

 

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