Rupee rallies for third day, up 8 p at 53.22 Vs USD
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, "The rupee extended gains in the first half of session on rising capital inflows but the month end dollar demand and weak tone of domestic equity markets limited such gains.
"The S&P commenting on receding chances of a sovereign investment downgrade on India after the series of policy reforms since September has been positive for the market which witnessed a partial roll back of weakness in rupee".
The premium for the forward dollar ended further lower on sustained receipts by exporters. The benchmark six-month forward dollar premium payable in June settled weak at 152-1/2-154-1/2 paise from Wednesday's close of 155-156-1/2 paise.
Far-forward contracts maturing in December also softened to 316-1/2-318-1/2 from 317-319 paise. The RBI has fixed the reference rate for the US dollar at 53.2890 and for euro at 72.2325.
The rupee edged up further against the pound sterling to 84.03 from last close of 84.04 while recovered slightly against the euro to 72.11 from 72.26. It, however, fell back against the Japanese yen to 58.48 per 100 yen from previous close of 58.41.
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