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Rupee gains further to end at Rs 36.19

The Indian rupee looked up further against the greenback due to heavy dollar selling pressure and absolute nil demand in a fairly active interbank foreign exchange market on Friday.

The rupee opened at Rs 36.22-23 per dollar. The market witnessed heavy selling pressure pushing the rupee to a further high of Rs 36.19-195 levels where it finally settled down at the fag end.

The rupee could gradually firm up due to excess supply and lack of buying interest either from the corporates or the major forex dealers including the State Bank of India, said a leading forex dealer.

On the other hand, the forwards initially firmed up by about 4 paise over Thursday's closing levels and settled down further higher following good paying pressure. The cash to spot dollar was quoted higher at 0.5 to one paisa premium.

The six month premiums were October 4.5-5.5 paise premium, November 16.5-17.5, December 33-35, January 52-54, February 68-70, March 86-88 and April 103-106 paise premium respectively.

Meanwhile, the overseas market witnessed quiet trading with the US currency reported bullish against various other European currencies.

Elsewhere, the Reserve Bank of India fixed the reference rate at Rs 36.20 per dollar for Friday over Thursday's fix of Rs 36.22.

UNI