The Indian rupee on July 23 rose by 7.50 paise to close at 48.4450/4550 against the US currency mostly on account of a smart rise in equity markets amid a weak dollar overseas. At the Interbank Foreign Exchange market, the rupee resumed higher at 48.40/42 a dollar against Wednesday''s close of 48.52/53.
The rupee later it moved in a range of 48.32 and 48.50 per dollar before concluding the day at 48.4450/4550 and the rupee gained momentum due to a smart rebound in the Indian Benchmark Sensex, which surged by 387.92 points or 2.61 per cent.
The Asian indices also displayed a firm trend at close on Thursday. Also the weakness of dollar against the major world currencies also aided rupee sentiment.
The expectation of increased capital inflows in the capital markets after firm trends in local equity markets also boosted rupee sentiment.
As per the Sebi data, in the last seven days, the capital inflows amounted to $12.30 million.
However, the Reserve Bank of India fixed the reference rate for the US dollar at Rs 48.44 while for the euro at Rs 69.07.
The rupee premiums on the forward dollar closed further lower. The benchmark six-month forward dollar premium payable in December closed at 47-1/2-49 paise, down from 49-51 paise on Wednesday while the far-forwards maturing in June also ended lower at 97-1/2-99 paise from 100-102 paise previously.
The rupee later it moved in a range of 48.32 and 48.50 per dollar before concluding the day at 48.4450/4550 and the rupee gained momentum due to a smart rebound in the Indian Benchmark Sensex, which surged by 387.92 points or 2.61 per cent.
The Asian indices also displayed a firm trend at close on Thursday. Also the weakness of dollar against the major world currencies also aided rupee sentiment.
The expectation of increased capital inflows in the capital markets after firm trends in local equity markets also boosted rupee sentiment.
As per the Sebi data, in the last seven days, the capital inflows amounted to $12.30 million.
However, the Reserve Bank of India fixed the reference rate for the US dollar at Rs 48.44 while for the euro at Rs 69.07.
The rupee premiums on the forward dollar closed further lower. The benchmark six-month forward dollar premium payable in December closed at 47-1/2-49 paise, down from 49-51 paise on Wednesday while the far-forwards maturing in June also ended lower at 97-1/2-99 paise from 100-102 paise previously.
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