The Indian rupee extended its gains for second successive day on December 16 to close below 48 level at 47.92 against the greenback for the first time in a month on demand for the local currency on hopes of fresh capital inflows. Traders in foreign exchange said expectations US Federal Reserve cutting the interest rates in the meeting late on Tuesday raised expectations of dollar flowing into the country''s share markets.
In a volatile trade at the Interbank Foreign Exchange (Forex) market, the local unit opened slightly better at 48.00/02. After moving erratically for most part of the day, the rupee touched a high of 47.79 per dollar in the concluding session, helped by a sudden rise in benchmark Sensex. Finally it settled the day at 47.92.
The Indian benchmark Sensex rose nearly 145 points boosting the rupee sentiment.
Weak dollar against basket of currencies also aided the rupee rise. It slipped against both the yen and the euro, striking a two-month low against the single European currency as traders continued to exit long dollar positions due to uncertainty over the fate of US automakers.
In a volatile trade at the Interbank Foreign Exchange (Forex) market, the local unit opened slightly better at 48.00/02. After moving erratically for most part of the day, the rupee touched a high of 47.79 per dollar in the concluding session, helped by a sudden rise in benchmark Sensex. Finally it settled the day at 47.92.
The Indian benchmark Sensex rose nearly 145 points boosting the rupee sentiment.
Weak dollar against basket of currencies also aided the rupee rise. It slipped against both the yen and the euro, striking a two-month low against the single European currency as traders continued to exit long dollar positions due to uncertainty over the fate of US automakers.
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