Extending its rally for the sixth straight session, the rupee today
surged to a fresh 2-1/2 month high of 67.08 by gaining another 26 paise
against the American currency on persistent selling of dollars by banks
and exporters.
Robust FII inflows into the equities and debt predominantly supported
the domestic currency to sustain its momentum for the sixth consecutive
day.
Significant liberalisation of FDI norms in a host of sectors including
insurance, pension, ARCs and stock exchanges in the Union Budget to
attract more foreign investment and the government’s commitment to its
fiscal deficit target also largely weighed on the trade.
Maintaining its strong edge against the dollar, the home unit resumed
higher at 67.25 as compared to Thursday’s closing value of 67.34 at the
Interbank Foreign Exchange market owing to smooth supply of dollars from
banks.
It gained further ground tracking sluggish dollar overseas sentiment and
kept the momentum going till the fag-end to conclude at 67.08,
revealing a solid rise of 26 paise, or 0.39 per cent - its strongest
close since 67.09 on December 14, 2015.
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