Rupee jumps 53 paisa, closes at 1-month high on FII inflows
The Hindu
Persistent foreign fund inflows into capital markets, softening crude oil prices and a weak U.S. dollar in the global markets boosts the local currency
The rupee rallied 53 paise - its best single-day gain in more than 11 months - to close at a more than one-month high of 78.53 against the U.S. dollar on Tuesday.
Persistent foreign fund inflows into capital markets, softening crude oil prices and a weak U.S. dollar in the global markets boosted the local currency.
The rupee, which plummeted to a lifetime low of 80.06 last month, made a spirited recovery in the past four sessions as FIIs returned to capital markets and crude oil prices fell below $100 per-barrel mark.
Increased risk appetite on hopes of a slow pace of tightening by the U.S. Federal Reserve has also strengthened the rupee sentiment.
The rupee has gained 138 paise, or 1.73% against the U.S. dollar in the four days to Tuesday to regain the 78 level.
At the interbank forex market, the local unit opened strong at 78.96 against the greenback and witnessed an intra-day high of 78.49 and a low of 78.96 on Tuesday.
It finally ended at 78.53 against the American currency, a rise of 53 paise over its previous close. The rupee had closed near this level on June 27.
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