Rupee ends sharply higher against dollar
Persistent heavy inflows from Foreign Institutional Investors (FIIs) into the Indian stock markets continued to boost the rupee sentiment.
By PTI |
MUMBAI: The rupee on Tuesday continued to rise smartly against the US currency and ended strong at Rs 44.5200/5300 per dollar on heavy foreign funds inflows along with weak dollar in the overseas markets.
In active trade at the Interbank Foreign Exchange (FOREX) market, the Indian unit opened firm at Rs 44.58/60 per dollar as compared to Monday’s close of Rs 44.61/62 and rose further sharply to end the day at Rs 44.52/53 a dollar.
Persistent heavy inflows from Foreign Institutional Investors (FIIs) into the Indian stock markets continued to boost the rupee sentiment, forex dealers said.
On Friday, FIIs inflows was at all time high of over $50 billion or Rs 2,16,000 crores and the Bombay Stock Exchange (BSE) sensex today breached the 14,000 mark for the first time.
Citing another reason for the rise in rupee to fall in dollar, dealers said in New York, the US currency retraced much of its overnight gains on Monday as investors readied themselves for a slew of data set for release on Tuesday as there was little fresh US data to trade off on Monday.
Rupee sentiment was so strong that a rise in crude oil prices in Asia ahead of the outcome of an OPEC meeting next week was ignored by marketmen. New York's main contract, light sweet crude for January delivery, was up by 16 cents at $62.60 a barrel from 62.44 US dollars in late US trade yesterday.
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