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Rupee surges to 6-week high against US dollar

The rupee moved past 55 level against the US dollar for the first time in nearly six weeks

The rupee gained a massive 105 paise to move past the 55 level against the dollar for the first time in nearly six weeks on sustained capital inflows amid government measures to revive the economy, and continued selling of the American currency by exporters.
 

The dollar index surrendered its initial gains against its major six rivals in Asian trading hours on Tuesday, with investors on alert for European Central Bank and Bank of England action this week. The dollar index was trading nearly stable with upward bias, up by 0.02%, against six major currencies.

 

At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 55.35 a dollar from previous close of 55.43 and immediately touched a low of 55.44 on some hesistancy in local stocks.

 

It, later bounced back sharply to a high of 54.35 before settling the day at 54.38, up by 1.05 paise or 1.89 pct, registering fourth largest gain in absolute term in a last decade. The Indian benchmark sensex closed up by nearly 27 points or 0.15%, reports PTI.

 

The rupee had ended 18 paise higher at 55.43 against the dollar following sustained selling of the American currency by exporters and some banks in Monday's trade.

Forex dealers said apart from government's steps to revive slowing economy and falling rupee, robust capital inflows by foreign funds also supported the local unit.

Strengthening of euro and other currencies against the dollar in the overseas market and firm domestic equity market also supported the rupee.

 

The premium for the forward dollar eased on fresh receivings by exporters.

 

The benchmark six-month forward dollar premium payable in December fell back slightly to 178-180 paise from overnight close of 179-181 paise. The premium for far-forward contracts maturing in June also moved down to 323-325 paise from 325-327 paise previously.

 

The RBI fixed the reference rate for the US dollar at 54.8125 and for euro at 69.0615.

The rupee rebounded against the pound sterling to end at 85.31 from yesterday's closing level of 86.86 and also shot up further to 68.46 per euro from 69.90 previously.

 

It continued to rule sharply firm against the Japanese yen to settle at 68.15 per 100 yen from last close of 69.53.


 

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COMMENTS

Anil Agashe

4 years ago

All this reasoning of falling and rising Rupee seems very phony. What are the fundamental reasons no one seems to be able to understand or explain. Trade deficit is slightly lower for the last reported month. FIIs have not withdrawn a lot of money, and for the year their purchases are far in excess of selling. Then why did the Rupee depreciate so alarmingly in the first place and why is it now rising like this?

RBI should explain this and Mr Rangarajan who opens his mouth mostly unnecessarily can he explain? Would you please speak to Dr Reddy and seek his views please?

Agitating pilots from Air India promise to call off strike

The striking pilots from IPG, said they would decide on calling off the strike after consulting their lawyers and receiving a copy of the High Court order

 

New Delhi: Agitating pilots from Air India on Tuesday told the Delhi High Court that they will call off their 58-day long strike with immediate effect. Soon after the High Court asked them and airline management to arrive at a settlement, the pilots said they would consult their lawyers before they called off their almost two-month-long strike, reports PTI.

The pilots also told Justice Reva Khetrapal through their counsel Geeta Luthra that they will join their duties in 48 hours by giving joining reports, whereas those pilots whose services were terminated during the strike would submit reports expressing their willingness to join the duty.

"The court has made very positive observations. It has said that all pilots should be taken back and no distinction should be made between those sacked and others. We are happy with the court's observations," Tauseef Mukadam, Joint Secretary of the Indian Pilots' Guild (IPG), which has been spearheading the strike, said on phone from Mumbai.

The pilots decided to call off their strike after Air India management assured the court that it would consider the grievances of the pilots "sympathetically".

"Serious efforts have been made to settle dispute and the counsel for the parties have assured the court that their respective clients will be extending full cooperation in this regard.

"The senior counsel (Luthra) appearing for the pilots has said that her clients will immediately call of the strike and join their duties in 48 hours, by giving joining reports or the report expressing their willingness to join the duty.

"The Air India management shall sympathetically consider the grievances of the pilots including the aspect of reinstatement of those pilots who were terminated as a consequence to their strike," Justice Khetrapal said while disposing of the pilots' plea for a direction to the management to take back the 101 sacked pilots, including the 10 office bearers of the Indian Pilots Guild.

The court in its order directed the pilots as well as the management to appear before the conciliator, Chief Labour Commissioner NK Prasad, on 5th July at 4.30pm.

The pilots had yesterday moved the court saying they were ready to end their strike if their sacked colleagues are taken back and their union gets back the recognition.

Over 400 cockpit crew went on a strike on 7th May on issues relating to career progression after their talks with Air India management and Civil Aviation Ministry officials failed. The pilots have also launched an indefinite hunger strike in Delhi and Mumbai since 24th June.

Air India's revenue loss due to the strike is estimated to have gone up to Rs600 crore. It has also forced the airline to operate a curtailed international flight schedule days after the stir began.

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