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Rediff.com  » Business » Rupee rebounds 20 paise to end over 3-week high

Rupee rebounds 20 paise to end over 3-week high

Last updated on: August 22, 2014 18:49 IST

RupeeThe Indian rupee today rebounded 20 paise to end at over three-week high of 60.47 against the Greenback following strong local equities and capital inflows.

After falling six paise on Thursday, the sentiment was in favour of the rupee today and helped it shrug off a better dollar in overseas markets to log third successive weekly gain.

Exporters preferred to offload dollars head of the US Federal Reserve's annual meet at Jackson Hole today on hopes the Fed may keep interest rate stable at present, a forex dealer said.

At the Interbank Foreign Exchange market, the domestic currency resumed firm at 60.52 a dollar from previous close of 60.67. It moved in a range of 60.3750 and 60.5650 before closing at 60.47, logging a rise of 20 paise or 0.33 per cent. This is its best close since 60.06 on July 30.

The Indian benchmark S&P BSE Sensex today closed further up by 59.44 points, or 0.23 per cent.

The CNX Nifty of NSE hit its new peak on the back of foreign funds inflow.

Foreign Institutional Investors infused Rs 412.77 crore yesterday, as per provisional data with the stock exchanges.

The dollar index was up 0.04 per cent against major global rivals.

"Rupee was seen gaining against the USD after Standard & Poor's said efforts to cut the budget deficit are positive for the country’s credit rating. Rupee was seen appreciating in the week as Indian stock markets were seen posting gains.

"Technically, 60.30 is the strong resistance for the rupee.

"On the upside, a sustained closing below 60.60 will take the rupee further higher," said Abhishek Goenka, Founder and CEO, India Forex Advisors.

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