Daily and Week-End wrap-up / US DOLLAR / INDIAN RUPEE forex trade

New York Forex: The rupee extended its gain against the dollar for the third straight day by closing at Rs 40.77/78 a dollar, buoyed by surging Asian equity markets, amid concerns about the central bank intervention and soaring oil prices.

The domestic currency gained eight paise, registering a recovery of over 20 paise in the last three sessions after depreciating to 40.9750/9850 a dollar on June 13.

In active trade at the Interbank Foreign Exchange (forex) market, the Indian unit resumed firm at 40.75/76 and later touched a high of 40.72, following a strong rally in Asian markets. It had closed at 40.85/86 per dollar on Friday.

Early gains were also attributed to anticipation of heavy FII inflows for the follow-on public issue of the India's largest private sector bank ICICI Bank, which opens tomorrow.

Fairly good dollar demand from oil companies in the light of high global oil prices weighed on the rupee sentiment, forex dealers said, adding that "the rupee pared gains after a firm beginning".

The Indian currency is expected to gain further ground in the remaining days of the month due to robust dollar supplies and expectations of an increase in inflows through the equity market route, marketmen said.
The oil prices traded close to a nine-month peak in New York owing to concerns about fuel supplies in the United States, where the summer driving season is underway.

New York's main oil futures contract, light sweet crude for delivery in July, soared as high as USD 68.25 a barrel, before pulling back to $ 67.84 or 16 cents below Friday's close.
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Week End review of Rupee / US Dollar Forex trade:
The Indian Rupee climbed towards a recent nine-year high on Monday, as traders adjusted positions in anticipation of a surge in portfolio-related inflows, with gains limited only by concerns over central bank intervention. The Rupee ended at 40.79/80 a Dollar, strengthening smartly from 41.1150/1250 on Friday when it hit an intraday trough of 41.25 -- its lowest since May 11.
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The Indian Rupee rose on Tuesday, buoyed by portfolio inflows into a USD 2.4 billion public offering by property developer DLF, India`s largest-ever IPO, but its path was blocked by central bank intervention. The Rupee ended at 40.7475/7575 a Dollar, moving up from Monday`s 40.79/80 and heading back towards a recent nine-year peak of 40.28.

The Indian Rupee slipped on Wednesday as investors took cues from local stocks that fell nearly 1%, and trimmed holdings in relatively risky assets like the local unit on an uncertain outlook for global rates. The Rupee ended at 40.96/97 a Dollar, easing from Tuesday`s 40.7475/77575, but rising off an intraday low of 41.08.

The Indian Rupee inched up on Thursday with sentiment bolstered by stocks that rose nearly 1.5%, but suspected central bank intervention capped the unit`s gains. The Rupee ended at 40.94/95 a Dollar, just higher than Wednesday`s 40.96/97.

The Indian Rupee recovered intraday losses to end stronger on Friday, as capital inflows offset Dollar demand from oil refiners and suspected intervention from the central bank. The Rupee ended at 40.86/87 a Dollar, up from Thursday`s close of 40.94/95 and an intraday low of 41.01. The Rupee hit a nine-year peak of 40.28 in late May.