Rupee ends sharply up at 41.76/77 a dlr
The rupee on Friday surged to strong finish at 41.76/77, higher by 30 paise over previous close of 42.06/08, on renewed exporters' dollar selling and weaker greenback overseas amid heavy capital inflow.
By PTI |
MUMBAI: The rupee on Friday surged to strong finish at 41.76/77, higher by 30 paise over previous close of 42.06/08, on renewed exporters' dollar selling and weaker greenback overseas amid heavy capital inflow.
The Inter-bank Foreign Exchange (forex) market witnessed brisk activity and rallied sharply after resuming higher at Rs 42.02/04 per dollar and fluctuated in range of 41.7350 and 42.0600 during the day.
Fresh bout of dollar selling by exporters in the absence of any intervention by the central bank helped the rupee to bounce back after four-day losing streak, during which it lost about 55 paise from the level of 42.51/52 on April 13.
Forex dealers said banks were heavily buying dollars in the forward market and attributed the rupee's surge to higher forward premiums.
The rupee also drew support from exporters' dollar sales in the face of ample capital inflows in the country coupled with a strong rally in equity markets, they added.
The benchmark Sensex today ended 278 points or 2.0 per cent higher following sustained FII inflows.
Inflation too jumped past 6.0 per cent level in the week ended April seven, the first week of the current fiscal.
Meanwhile, the Reserve Bank is scheduled to unveil the annual monetary policy on April 24.
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