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Rupee bounces back in early trade, gains 9 paise vs dollar

Rupee bounces back in early trade, gains 9 paise vs dollar
PTI
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First Published: Wed, Nov 14 2007. 01 31 PM IST
Updated: Wed, Nov 14 2007. 01 31 PM IST
Mumbai: The rupee today bounced back with a vengeance, appreciating by about nine paise against the US currency mainly on a sharp surge in equity markets.
The benchmark Sensex flared up by a whopping 590 points during morning trade today, boosted by positive cues from the US and Asian markets.
In active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed firm at 39.36/37 a dollar from yesterday’s close of 39.42/43 a dollar and later moved up to 39.33/3350 a dollar in late morning deals.
Traders, however, anticipated intervention by the central bank as the rupee neared 39.30 level.
Forex dealers said the local currency is expected to move in a wide range in line with the stock market activity.
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First Published: Wed, Nov 14 2007. 01 31 PM IST
More Topics: Currency | Rupee | Dollar | Forex Reserves | Sensex |