Mumbai: The rupee today resumed firm against the the US currency at 39.24/25 a dollar on expectation of large portfolio inflows this month and bullish capital markets.
In active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed higher at 39.24/25 a dollar from yesterday’s close of 39.29/30 a dollar, but later met with resistance and was quoted at 39.27/28 a dollar in late morning deals due to fears of the central bank’s intervention.
The rupee drew support from anticipation of strong inflow through the mega issue of Reliance Power, which is likely to fetch more than one billion dollars into the equity markets, forex dealers said.
Firm trend in Indian stocks also had a sentimental impact on the rupee. The benchmark Sensex was up 265 points up during morning trade and had crossed the 21,000 level for the first time.