The Hindu Business Line : Rupee on the uptrend, gains 24 paise

The domestic currency opened strong at 47.20 and strengthened further to touch an intra-day high of 46.80. It weakened to touch an intra-day low of 47.50 before recovering partially to close at 47.45, against the previous close of 47.69.

The feel good factor after Obama winning the US presidential elections encouraged risk taking by investors. This led to inflow of capital into the country in the first half of trade, which pulled the rupee up, said a dealer with a private bank.

However, the rupee shed some of its gains while tracking the downturn in the domestic stock markets, added the dealer. In the overseas markets, the dollar registered a small gain against other major currencies.

In the forward market, the premiums rose sharply as exporters were covering their positions when rupee touched 46.80, said dealers.

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