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Mar 08, 2013
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Re rises for 3rd day, up 28 paise vs US dollar
Continuing its upward march for the third straight day, the rupee today jumped by 28 paise to settle at over one-week high of 54.28 on robust capital inflows and sustained dollar selling by exporters and banks.The rupee resumed better at 54.52 a dollar from previous close of 54.56 at the Interbank Foreign Exchange (Forex) market and immediately touched a low of 54.56.However, the local currency later rallied to a high of 54.27 before concluding at 54.28, a rise of 28 paise or 0.51%. In three days, rupee has spurted by 64 paise or 1.17%.The dollar index was trading nearly stable with upward bias ahead of key US jobs data."Rupee was seen trading above its one week high against the USD supported by bullish equities and the disinvestment in RCF which took place today. Government sold a 12.5% stake in RCF to raise about USD 57 million. Strong recovery in the Euro also supported rupee gains," said Abhishek Goenka, Founder and CEO, India Forex Advisors.
Source -
http://www.business-standard.com
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