Rupee gains on strong $ inflows .

Mumbai, April 16 The rupee gained by about 13 paise despite equity markets, euro and other Asian currencies remaining weak. Strong dollar inflows related to GMR's Infrastructure's QIP issue, helped the rupee gain. The rupee opened at 44.45 and closed at 44.31/32, against the previous close of 44.44. The rupee weakened to 44.59 during the day, but started appreciating in the latter half part of trade, said a forex dealer with a private bank. “Everyone was taken by surprise,'' he said. GMR Infrastructure raised $315 million through its QIP, which was mostly subscribed by foreign investors, said dealers. The dollar was strong against the euro on worries related to the Greece debt crisis. In the forward premia, market the six-month closed at 3.57 per cent (3.54 per cent) and the one-year at 3.38 per cent (3.36 per cent). Next week the rupee's movement will depend on the euro and the domestic equity market, said the dealer.


Source : Business Line