The Indian rupee extended its gains for the second day in a row and closed at 50.00/02 against the US dollar due to anticipation of capital inflows on account of surge in Asian stock markets. A leading trader in foreign exchange said banks were selling dollars either on RBI''s instructions or on their own as they feel there is ample liquidity in the system, helping the rupee to gain.On hopes of some foreign inflows into the local share markets, the rupee strengthened past 50 per dollar in early trade.
Foreign fund flows have been the key factor determining the rupee''s direction in the last two years. In active trade, the domestic currency resumed higher at 49.91/95 a dollar a dollar and later moved in a range between 49.78 and 50.10. Finally, it ended at 50.00/02, with a gain of 15 paise. The rupee premiums on forward dollar ended lower on sustained receiving by exporters.
Foreign fund flows have been the key factor determining the rupee''s direction in the last two years. In active trade, the domestic currency resumed higher at 49.91/95 a dollar a dollar and later moved in a range between 49.78 and 50.10. Finally, it ended at 50.00/02, with a gain of 15 paise. The rupee premiums on forward dollar ended lower on sustained receiving by exporters.
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