Indian Currency Ends At 2-Month Low At 45.47 Vs Dollar

Indian Currency Ends At 2-Month Low At 45.47 Vs DollarIndian currency drifted lower for the sixth straight session on Friday by 16 paise to mark its closure at 45.47 against the dollar on heavy purchases for the greenback by bankers and weak movement in stock markets.

The Rupee re-started after shedding 42 paise and hit a six week low at 45.73 per dollar and afterward its movement was range bound between 45.56 and 45.73 in intra day trade.

The Indian unit regained from the day's lows in noon trade assisted by some revival in domestic shares and strengthened by the dollar's losses as compared to major currencies.

The euro clawed back losses on Friday but was still on target for big reductions as worries that Greece's debt problems would extend to other euro zone nations incited investors to get rid of more high-risk assets.

Traders said they were strictly watching progressions in Greece and the Eurozone as it could be a major aspect for future risk taking among capitalists and may impact the Indian currency.

In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 45.6550 respectively, with the total traded volume on the two exchanges at about USD
5.4 billion.

In the meantime, 6-month forward premium of dollars was registered lower at 2.62/64 (2.66/68) per cent and 12-month premium was also feebler at 2.50/52 (2.56/58) per cent.

The rupee against worldwide currencies showed small changes as Euro ended at 57.90/92 (57.74/76) per unit, Pound sterling closed at 65.70/72 (68.40/42) per unit and Yen finished at 49.15/17 (48.24/26) per 100 units. (With Inputs from Agencies)