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Rupee Zooms 36 Paise to Near 5-Month High of 52.66 Against Dollar

By SiliconIndia   |   Friday, September 28, 2012
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Mumbai: The rupee gained 36 paise to trade at nearly five-month high of 52.66 against the dollar in early trade on September 28 on continued selling of the American currency by exporters and banks.

Forex dealers said besides persistent dollar selling by exporters and banks, dollar's weakness against the euro amid a strong opening in the domestic equity market kept rupee strong.

Meanwhile, the BSE benchmark index Sensex recovered sharply by 181.41 points, or 0.98 percent, to 18,760.91.

Euro rose against the dollar overseas as worries about the euro-zone eased after Spain unveiled economic reforms and budget plans that are expected to pave the way for a bailout.

When the market was hopeful that the government will stick to its borrowing plan for now, a survey conducted Reuters showed that economists are expecting 500 billion rupees of extra bond sales.

"The euro moves have helped the rupee plus good inflows have been hitting markets for the past two-three days. The market borrowing is good for bonds and stocks and is helping the INR as well," said Paresh Nayar, Head of Fixed Income and Forex Trading at First Rand Bank in Mumbai, as quoted by Reuters.

The rupee had gained 49 paise on September 27 to close at over 4-1/2-month high of 53.02 against the dollar on heavy selling of the American currency by exporters and some banks.

( With Agency Inputs)


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