Millennium Post
Business

Re up 37p per $ to 1-week high

The Indian rupee gained for the second day, adding 37 paise to a one-week high of 62.07 against the dollar Thursday as the RBI eased swap norms for banks borrowing funds overseas and exporters sold the US currency.
Support for the rupee also came from capital inflows on the back of a recovery in local equities. The gains were capped to some extent by a firm US currency overseas.

At the interbank foreign exchange market, the rupee opened at 62.20 a dollar from the previous close of 62.44 and fell to a low of 62.38 on early hesitancy in local stocks.

It bounced back to breach the 62 mark and reach a high of 61.98 before ending at 62.07, up 37 paise or 0.59 per cent.
On Wednesday, it had gained 31 paise. It closed at 61.77 on 19 September.

'Rupee had started the session on a stronger note as all the major Asian currencies were seen trading positive against the US dollar,' said Abhishek Goenka, CEO of India Forex Advisors.
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