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Indian currency rises to 7-month high against dollar
March 10, 2014, 3:03 pm

Foreign investors bought a net 25.77 billion rupees of shares on Friday, their biggest daily purchase since December 9  [AP]

Foreign investors bought a net 25.77 billion rupees of shares on Friday, their biggest daily purchase since December 9 [AP]

Rising for the fifth day in a row, the Indian currency, the rupee, on Monday rallied against the US dollar to end at an over seven-month high level of 60.85 on heavy capital inflows into equities that surged to a fresh record.

Sustained dollar selling by exporters and some banks also aided the rupee sentiment, limiting the impact of the US dollar’s gain in overseas markets.

Foreign investors bought a net 25.77 billion rupees of shares on Friday, their biggest daily purchase since December 9.

On Monday the rupee closed at 60.85/86 per dollar compared with 61.08/09 on Friday.

With equities facing a choppy initial session, the rupee also touched a low of 61.34.

It later bounced back to a high of 60.79, before ending at 60.85 –a level not seen since August 6, 2013 when it had closed at 60.77.

Today, the rupee rose 0.36 per cent. In five days, it rose1.92 per cent.

The benchmark S&P BSE Sensex extended its gains for the fifth session in a row and closed up 15.04 points at a new record close. Intra-day, it breached 22,000 level for the first time.

The dollar index was up 0.10 per cent against a basket of six major global rivals.

The Indian Central Bank fixed the reference rate for dollar at 61.1965 and for the euro at 84.9450.

The rupee recovered sharply against the pound to 101.29 from 102.40 previously and also rebounded to 84.40 per euro from 84.95. It, however, remained firm to end at 58.88 per 100 Japanese yen from 59.33.

 

Source: Agencies

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