Rupee rises on sharp share gains; peers

Rupee rises on sharp share gains; peers

Mumbai: The rupee strengthened on Monday on the back of sharp gains in domestic shares and gains in other Asian peers.

At 9:58 am, the partially convertible rupee was at 45.84/85 per dollar, stronger than 46.145/155 at close on Friday.

Domestic shares were trading up 2.4%, in line with other Asian markets after the US Federal Reserve chairman left the door open for further action to stimulate the world’s biggest economy.

The dollar came under light pressure against a basket of major currencies in Asia on Monday, with traders speculating the Federal Reserve may offer more stimulus next month in the face of an uncertain growth outlook.

Most Asian currencies were stronger compared to the dollar.

The index of the dollar against six major currencies was down 0.1% at 73.741 points in Asian trade, much below 74.017 points when the domestic forex market closed on Friday.