Extending its surge against US dollar for third day in a row, rupee on Wednesday appreciated by 12 paise on sale of greenback by exporters and fresh capital inflows into the equity market. Weakness in dollar overseas as well as possibility of another rate cut by the Federal Reserve also contributed to the rupee''s surge.
Rupee turned stronger by about 20 paise at 39.70 during morning trade after a strong rally in Asian equity markets raised hopes of increased portfolio inflows into the Asia''s fast-growing economy. The Indian unit ended at 39.78/79 a dollar after moving in a range of 39.70 and 39.83 during the day. It touched the 39.83 level as local stocks turned weak in the afternoon trade.
Rupee turned stronger by about 20 paise at 39.70 during morning trade after a strong rally in Asian equity markets raised hopes of increased portfolio inflows into the Asia''s fast-growing economy. The Indian unit ended at 39.78/79 a dollar after moving in a range of 39.70 and 39.83 during the day. It touched the 39.83 level as local stocks turned weak in the afternoon trade.
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