Forex

Rupee gains 48 paise on strong equity market

Our Bureau Mumbai | Updated on March 12, 2018

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The rupee gained almost a percentage point to close at 54.14 against the dollar on Tuesday on the back of stronger equity markets and rate cut hopes.

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The rupee gained 48 paise on Tuesday to close at 54.14 against the dollar on the back of stronger equity market and euro’s gain against the American currency.

The Indian unit, which had closed at 54.62 on Monday, opened at 54.65.

“The euro’s gain against the dollar and the spurt in domestic equity markets had a positive rub-off on the rupee,” a chief dealer with a public sector bank said.

Also, the clamour for a cut in key interest rates grew after the March Wholesale Price Index-based inflation fell to a 40-month low. This led to the rupee strengthening against the American currency, he said.

Call rates, G-Secs

The inter-bank call money rates closed higher at 7.65 per cent from Monday’s close of 7.55 per cent.

The 8.15 per cent government security, which matures in 2022, closed higher at Rs 102.09 against the previous close of Rs 102.04. Yields softened a tad to 7.82 per cent from the previous close of 7.83 per cent.



>satyanarayan.iyer@thehindu.co.in

Published on April 16, 2013

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