Rupee rises by 30 paise against dollar in early trade

Last Updated: Thursday, October 8, 2009 - 10:20

Mumbai: The Indian rupee strengthened by another 30 paise to trade at one-year high of 46.36 a dollar
in opening trade on Thursday, extending its rally for the fifth
straight session, as corporates and exporters continued to
sell dollars.

Expectations of increased capital inflows into domestic
equities which may open higher in line with other Asian
markets also supported the Indian rupee.

At the Interbank Foreign Exchange (Forex) market, the
local unit appreciated by 30 paise to one year high of 46.36.
Yesterday, the Indian rupee ended 22 paise higher at 46.66/67
against the US currency on heavy dollar selling.

Dealers said besides the greenback weakening against
major currencies, expectations of a strong opening in the
equity markets, in line with firming trends in Asian market,
gave a boost to the rupee sentiment.

The rupee is up almost 12.6 percent from its record low
of 52.20 a dollar in early March this year.

Bureau Report




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