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Rupee rise continues unabated, hits Rs 36.19 per $

The Indian rupee continued to strengthen due to tremendous dollar selling pressure and absolute negligible demand in a relatively quite interbank foreign exchange market on Thursday.

The rupee opened steady at Rs 36.24-25 per dollar compared to Wednesday's closing, started appreciating further, and finally settled down higher at Rs 36.19-20 per dollar, showing a smart gain of 6 paise over previous levels.

According to leading forex dealers, the rupee continued its upward rally on Thursday following negligible buying interest from all sides, including the corporates. The Reserve Bank of India, which has kept away from the market from the past four days, played truant again. Even the State Bank of India did not bid for the dollar, resulting in a quick rupee appreciation, the forex dealers added.

On the other hand, the cash to spot dollar was quoted at 3 to 4 paise premium due to a long weekend ahead, dealers said. The forward premiums rose slightly over Wednesday's closing levels by about 3 paise.

The forward premiums were quoted at a premium of 20-22 paise for October, 37-39 paise for November, 57-60 paise for December, 75-77 paise for January, 90-92 paise for February, 108-110 paise for March and 126-128 paise for April.

Meanwhile, the overseas market witnessed a choppy trading with the US dollar finally settling higher against the various other European currencies, said a forex dealer at a foreign bank.

Elsewhere, the Reserve Bank of India fixed the reference rate at Rs 36.23 per dollar over Wednesday's fix of Rs 36.29, lower by 6 paise.

UNI