Rupee appreciates further by 13 paise against dollar

The rupee on Wednesday appreciated by 13 paise against the U.S. currency on sustained dollar selling by exporters.

At the Interbank Foreign Exchange (Forex) market, the local unit closed 13 paise lower at 45.09/10 a dollar. The rupee had gained 25 paise on Tuesday.

Dealers attributed further rise in the rupee to continued dollar selling by exporters and some banks.

Weakness in dollar in European market on Wednesday also helped the rupee rally. The dollar index, gauging of six major currencies, was down by 0.26 per cent.

The rupee opened nearly steady at 45.23/24 a dollar and it immediately touched a low of 45.26 a dollar. However, it recovered later to the day’s high of 45.07 before concluding at 45.09/10 a dollar.

The rupee premium for the forward dollar remained firm on sustained paying pressure from banks and corporates. The benchmark six-month forward dollar premium payable in May closed up at 128-1/2-130-1/2 paise from 127-129 paise on Tuesday.

Far-forward contracts maturing in November also finished higher at 236-1/2-238-1/2 paise from 230-232 paise previously.

The Reserve Bank of India fixed the reference rate for the dollar at Rs. 45.13 and the euro at Rs. 59.32.

The rupee shot up further to Rs. 69.66/68 against the pound sterling from Tuesday’s close of Rs. 70.06/08 and also hardened to Rs. 59.27/29 per euro from Rs. 59.49/51 previously.

It too improved further against the yen to Rs 54.03/05 per 100 yen from its last close of Rs 54.08/10.