The Hindu Business Line : Rupee gains 16 paise

The rupee gained about 16 paise against the greenback on Thursday, as the dollar shortage prevailing for the last two to three days, eased. The gains in the stock market, after a long lag, also helped the rupee gain, said dealers. The rupee saw a one-way movement. It opened higher at 39.71/72 and closed at 39.60/61, against the previous close of 39.76/77.

Exporters were seen selling dollars. "As the dollar appreciated to 39.89 on Wednesday, today lot of exporters sold dollars, as they wanted to take advantage of the rising dollar," said a forex dealer with a public sector bank. "Lot of corporates, who were probably holding onto their dollar stocks, hoping for good levels, also sold dollars today,'' dealers said.

In the global market, the dollar was quite comfortable against low yielding currencies like yen, but weak against currencies like such as euro and sterling. "This is perhaps an indication that a little bit of risk taking is returning to the markets," said a forex dealer with a private bank. The six-month premia was at 1.6 per cent (04 per cent) and the 12-month premia ended at 1.25 per cent (0.91 per cent). - Our Bureau

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