MUMBAI: Amid a strong equity market, the Indian rupee today appreciated by 35 paisa at 47.05/06 against the US currency on expectations of heavy
capital inflows and dollar selling by exporters. Fores dealers said a weak dollar overseas against a basket of currencies also led to the rise in rupee value. They said the rupee sentiment was also boosted by Finance Minister Pranab Mukherjee's statement that the government will not put any curbs on foreign inflows and ruled out withdrawal of fiscal stimulus packages till the economy recovers fully. The domestic currency moved in a range of 46.97 and 47.25 during the day after resuming stronger at 47.22/23 a dollar from its last close of 47.40/41 a dollar. The rupee had weakened by 44 paisa against dollar on Tuesday following a sharp fall of over 3.0 per cent in the benchmark Sensex, which today recovered by 3.29 per cent. The 30-share index today gained 507 points to close at 15,912.13. Meanwhile, in the overseas market, the dollar dropped sharply ahead of a policy decision by the US Federal Reserve.
capital inflows and dollar selling by exporters. Fores dealers said a weak dollar overseas against a basket of currencies also led to the rise in rupee value. They said the rupee sentiment was also boosted by Finance Minister Pranab Mukherjee's statement that the government will not put any curbs on foreign inflows and ruled out withdrawal of fiscal stimulus packages till the economy recovers fully. The domestic currency moved in a range of 46.97 and 47.25 during the day after resuming stronger at 47.22/23 a dollar from its last close of 47.40/41 a dollar. The rupee had weakened by 44 paisa against dollar on Tuesday following a sharp fall of over 3.0 per cent in the benchmark Sensex, which today recovered by 3.29 per cent. The 30-share index today gained 507 points to close at 15,912.13. Meanwhile, in the overseas market, the dollar dropped sharply ahead of a policy decision by the US Federal Reserve.
POSTED BY:
ASHWANI SUHALKA PGDM 2nd Yr
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