Re defies West’s assault to reach 1-month high
27 July 2013 11:12 PM GMT
After another day of volatile trade, the rupee on Friday appreciated by seven paise to close at a new one-month high of 59.04 against the dollar as the RBI's liquidity-tightening measures continued to lend support.
At the Interbank Foreign Exchange Market, the rupee opened strong at 58.82 a dollar from the previous close of 59.11 and strengthened to 58.69 on initial gains in local stocks. Later, it fell to a low of 59.10 before closing at 59.04, a rise of seven paise or 0.12 per cent -- its third day of gains.
Although the rupee strengthened above the 58 mark for the second day, it was unable to sustain those gains. On Tuesday, the Reserve Bank had announced additional liquidity-tightening measures to contain excessive speculation and volatility in the foreign exchange market.
'The currency continued to get the boost from the number of measures taken by the RBI in last 10 days,' said Abhishek Goenka, founder & CEO of India Forex Advisors.
At the Interbank Foreign Exchange Market, the rupee opened strong at 58.82 a dollar from the previous close of 59.11 and strengthened to 58.69 on initial gains in local stocks. Later, it fell to a low of 59.10 before closing at 59.04, a rise of seven paise or 0.12 per cent -- its third day of gains.
Although the rupee strengthened above the 58 mark for the second day, it was unable to sustain those gains. On Tuesday, the Reserve Bank had announced additional liquidity-tightening measures to contain excessive speculation and volatility in the foreign exchange market.
'The currency continued to get the boost from the number of measures taken by the RBI in last 10 days,' said Abhishek Goenka, founder & CEO of India Forex Advisors.
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