The rupee appreciated sharply by 52 paise to close at a two-week high of 48.20/21 against the dollar on Tuesday due to the weakness of the US currency overseas and strong equity markets that powered the local unit to bounce-back. The US dollar fell to a six-week low in early trade on the London Exchange after equity markets surged on account of hopes of encouraging earnings.
In fairly active trade at the Interbank Foreign Exchange (forex) market, the rupee moved in a range of 48.18 and 48.56 after resuming stronger at 48.52/54 a dollar from its previous close of 48.72/73.
The rupee rallied to touch a two-week high of 48.18 in afternoon trade by cutting short a two-day losing streak, as the dollar slipped sharply against the euro.
The dealers said that buoyant equity markets also supported the rupee, raising the expectations of increased capital inflows in the second half of the calendar year. Moreover, the fresh signs of recovery in the economy also aided rupee sentiment.
In fairly active trade at the Interbank Foreign Exchange (forex) market, the rupee moved in a range of 48.18 and 48.56 after resuming stronger at 48.52/54 a dollar from its previous close of 48.72/73.
The rupee rallied to touch a two-week high of 48.18 in afternoon trade by cutting short a two-day losing streak, as the dollar slipped sharply against the euro.
The dealers said that buoyant equity markets also supported the rupee, raising the expectations of increased capital inflows in the second half of the calendar year. Moreover, the fresh signs of recovery in the economy also aided rupee sentiment.
No comments:
Post a Comment