Mumbai: The Indian rupee on Wednesday appreciated by 22 paise to close at 47.70/72 per dollar on the back of expectations of heavy capital inflows after government promised to push economic reforms and ease the credit costs. The rupee opened higher at Rs 47.55/56 per dollar as against the previous''s closing level of Rs 47.92/93 before concluding at Rs 47.70/72 per dollar. The rupee moved in a range of Rs 47.51 and Rs 47.80.
The global oil prices rose to $63 per barrel on the back of better-than-expected consumer-confidence data boosted hopes of economy recovery. According to the dealers, huge rally in stock market was the main reason for the appreciation in rupee against the US dollar. The benchmark Sensex on Wednesday surged 520.41 points or 3.83 per cent after Finance Minister Pranab Mukherjee promised to push for lower credit costs and higher infrastructure spending.
The Reserve Bank of India (RBI) fixed the reference rate for the US dollar at Rs 47.67 and for euro at Rs 66.42. The rupee premiums on the forward dollar ruled steady in the absence of market-moving factors.
The global oil prices rose to $63 per barrel on the back of better-than-expected consumer-confidence data boosted hopes of economy recovery. According to the dealers, huge rally in stock market was the main reason for the appreciation in rupee against the US dollar. The benchmark Sensex on Wednesday surged 520.41 points or 3.83 per cent after Finance Minister Pranab Mukherjee promised to push for lower credit costs and higher infrastructure spending.
The Reserve Bank of India (RBI) fixed the reference rate for the US dollar at Rs 47.67 and for euro at Rs 66.42. The rupee premiums on the forward dollar ruled steady in the absence of market-moving factors.
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