Rupee stronger by 30 paise against a US dollar

[sajiv]

      
Mumbai: Fresh dollar offerings from banks and anticipation of capital inflows helped the Indian rupee to close stronger by 30 paise at 48.82/84 today against the greenback amid a rise in local stock markets.

Dollar sales by exporters also aided the local currency to recover from 49-level it touched yesterday, dealers in foreign exchange said. A fresh rise in equity markets where the benchmark Sensex jumped 299 points weighed in favour of the domestic unit, they added.

The rupee resumed higher at 48.95/97 per dollar and hovered in a range of 48.60 and 48.97 before ending at 48.82/84 as against the yesterday's closing level of 49.12/14, showing a gain of thirty paise.

Dealers further said lack of dollar demand from oil refiners also favoured the local unit.

Meanwhile, the world oil prices were higher in Asian trade after OPEC's comments that the cartel was prepared for "further measures" to shore up the market, analysts said.

New York's main contract, light sweet crude for February delivery, went up by USD 1.27 to USD 39.05 a barrel.