Rupee rebounds by 13 paise against dollar .

In line with firm stock markets, the rupee on Thursday rebounded by 13 paise to close at 44.51/52 against the US currency.

Dealers said some dollar selling by banks and exporters also supported the domestic currency.

At the Interbank Foreign Exchange (Forex) market, the local unit opened higher at 44.57/58 a dollar from last close of 44.64/65. It later moved in a range of 44.48 to 44.63.

The benchmark Sensex closed up by 123.39 points, or 0.71 per cent, which helped the rupee post gains against the dollar, dealers said, adding that lack of major demand from importers too helped the rupee rise.

Global crude oil prices were trading towards $84 a barrel in London on Thursday.
The rupee premium for the forward dollar held steady on alternate bouts of buying and selling.

The benchmark six-month forward dollar premium payable in October ended at its overnight level of 70-72 paise and far-forward maturing in April closed at 135-137 paise from 135-1/2-137-1/2 paise previously.

The Reserve Bank of India fixed the reference rate for the dollar at Rs 44.57 and for the euro at Rs 58.88.

In cross currency trade, the domestic currency fell back against the pound and the euro while recovered against the Japanese yen.

The rupee eased against the pound to Rs 67.87/89 from Wednesday's close of Rs 67.84/86. It softened against the euro to Rs 59.02/04 per euro from Rs 58.97/99 previously.

It, however, recouped against the yen to Rs 47.34/36 per 100 yen from its last close of Rs 47.57/59.

Source : profit.ndtv.com