Rs spurts 47 paise against $ to 31/2 month high of 53.30
1 Feb 2013 5:22 AM IST
The Indian rupee shot up by 47 paise to settle at nearly 3-1/2-month high of 53.30 against the US currency following sustained dollar selling by exporters and some banks amid continued capital inflows, extending gains for the second straight day.
Fall in dollar overseas and positive equities also kept the rupee on the rise.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at 53.55 a dollar from last close of 53.77 and immediately touched the day's low of 53.60.
However, heavy dollar selling by exporters and some banks and persistent foreign funds inflow in local equities later pushed the rupee upwards to a high of 53.28 before finishing at nearly 3-1/2-month high of 53.30, up by 47 paise or 0.87 pct. Previously, it had ended at 52.87 on 17 October, 2012.
The Indian benchmark sensex, in an lacklustre but sideways trade, closed up by a mere 14.10 points or 0.07 pct while Foreign Institutional Investors (FIIs) infused $187.37 mn in equities on Tuesday, taking a total to over $3.8 bln in the current month so far, as per Sebi data. The dollar index was down by 0.24 pct against a basket of six major currencies ahead of the policy announcement from US Federal and US growth data.
The rupee was seen strengthening to its over three month high against the greenback. It was gaining since yesterday when the RBI cut the policy rates as per the expectations. The strong recovery in the Euro after the upbeat data and a fall in the US dollar index supported the gains in rupee. On the domestic front the dollar inflows also helped rupee to gain.
In the meanwhile, India's ministerial panel approved selling a 10 percent stake in Oil India on 1 February, said Abhishek Goenka, Founder and CEO, India Forex Advisors.
RIL, ICICI BANK HELP STEER SENSEX ABOVE 20,000 MARK
In a listless trade on alternate bouts of buying and selling ahead of the expiry of January series tomorrow, the benchmark sensex on Wednesday survived to regain 20K-level to end just 14 points higher at 20,005.00, despite firm global advices and sustained capital inflows.
The key policy rates cut by the central bank failed to give support to the market while operators and investors preffered to play safe and some traders even seen rolling over their positions to the next series ahead of the expiry of derivatives contract Thursday. Realty, consumer durable and refinery stocks attracted good buying support while capital goods, power and auto declined on profit-booking.
RIL, ICICI Bank, HUL, ONGC, HDFC Bank, Cipla, Tata Steel and Wipro notched gains while L&T, ITC, Tata Motors, HDFC, SBI, GAIL India, Bharti Airtel closed with losses.
Fall in dollar overseas and positive equities also kept the rupee on the rise.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at 53.55 a dollar from last close of 53.77 and immediately touched the day's low of 53.60.
However, heavy dollar selling by exporters and some banks and persistent foreign funds inflow in local equities later pushed the rupee upwards to a high of 53.28 before finishing at nearly 3-1/2-month high of 53.30, up by 47 paise or 0.87 pct. Previously, it had ended at 52.87 on 17 October, 2012.
The Indian benchmark sensex, in an lacklustre but sideways trade, closed up by a mere 14.10 points or 0.07 pct while Foreign Institutional Investors (FIIs) infused $187.37 mn in equities on Tuesday, taking a total to over $3.8 bln in the current month so far, as per Sebi data. The dollar index was down by 0.24 pct against a basket of six major currencies ahead of the policy announcement from US Federal and US growth data.
The rupee was seen strengthening to its over three month high against the greenback. It was gaining since yesterday when the RBI cut the policy rates as per the expectations. The strong recovery in the Euro after the upbeat data and a fall in the US dollar index supported the gains in rupee. On the domestic front the dollar inflows also helped rupee to gain.
In the meanwhile, India's ministerial panel approved selling a 10 percent stake in Oil India on 1 February, said Abhishek Goenka, Founder and CEO, India Forex Advisors.
RIL, ICICI BANK HELP STEER SENSEX ABOVE 20,000 MARK
In a listless trade on alternate bouts of buying and selling ahead of the expiry of January series tomorrow, the benchmark sensex on Wednesday survived to regain 20K-level to end just 14 points higher at 20,005.00, despite firm global advices and sustained capital inflows.
The key policy rates cut by the central bank failed to give support to the market while operators and investors preffered to play safe and some traders even seen rolling over their positions to the next series ahead of the expiry of derivatives contract Thursday. Realty, consumer durable and refinery stocks attracted good buying support while capital goods, power and auto declined on profit-booking.
RIL, ICICI Bank, HUL, ONGC, HDFC Bank, Cipla, Tata Steel and Wipro notched gains while L&T, ITC, Tata Motors, HDFC, SBI, GAIL India, Bharti Airtel closed with losses.
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