BackRupee ends up on equity markets gain
Rupee ends up on equity markets gain
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Mumbai: The rupee on Friday ended higher by another 9paise to close at nearly a four-week high of Rs48.68/69 on the back of a surge in stock markets amid weakness in dollar overseas.
In range-bound trade at the Interbank Foreign Exchange (Forex) market, the rupee closed at Rs48.70/71 9paise higher from its previous close of Rs48.77/79 a dollar.
Later, it moved in a range of Rs48.66 and Rs48.77 before settling the day at Rs48.68/69 a dollar.
Forex dealers attributed the rise in the rupee to smart recovery in the BSE Sensex, which ended up by nearly 210 points or 2.31% on strong global cues and expectations of more sops in the forthcoming interim budget.
Asian shares also ended stronger following a good rally on Wall Street last night on expectations of a massive US stimulus package later in the day.
The dollar was trading in a narrow range against the Asian currencies on Friday as attention was focused on the fate of the US stimulus package and the announcement of jobs data.
According to analysts, the rise in the rupee was restricted by sustained capital outflows.
Meanwhile, global crude oil prices were trading above $40 a barrel in Asian trade.
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