Rupee edges up as exporters sell dollars.

MUMBAI: The rupee edged higher in afternoon trade on Wednesday on dollar sales by exporters to take advantage of the higher exchange rate, while buying by oil firms and importers to meet month-end demand also subsided.

At 1:45 p.m., the partially convertible rupee was at 45.01/02 per dollar, stronger than 45.08/09 at close on Tuesday. It rose as much as 44.88 at the last session, its strongest since Sept. 10, 2008.

Over the next 12 months the rupee is expected to climb as buoyant growth in the Indian economy attracts foreign inflows, a poll showed on Tuesday.

Shares were trading up 0.2 per cent, with software companies leading the gains after a steep fall in the previous session.

The index of the dollar against six major currencies which was up earlier in the day, also turned negative and was down 0.1 percent.

One-month offshore non-deliverable forward contracts were at 45.07, weaker than the onshore spot rate.

In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were at 45.08 and 45.1075 respectively, with the total traded volume on the two exchanges at about $4.1 billion.

Source : The Economic Times