Rupee Rebounds Strongly

January 11th, 2011
in Background

The Times of India:  The rupee rebounded sharply by 29 paise to close at 45.16/17 against the US currency on heavy dollar selling by banks and exporters despite sustained capital outflows.

Follow up:

Dealers said that some banks, mainly foreign, and exporters sold dollar heavily which aided the rupee sentiment.

At the Interbank Foreign Exchange ( Forex) market, the domestic unit opened better at 45.40/41 a dollar from its last close of 45.45/46 following initial firmness in local stocks. 

rupee later moved in a range of 45.43 and 45.15 before settling the day at 45.16/17, a net rise of 0.64 per cent.

The BSE benchmark Sensex, which was up by over 207 points at early stages, closed lower by 27.78 points, or 0.14 per cent. Foreign Institutional Investors pulled out nearly USD 520 million from equities in last straight four trading sessions.

However, the 
dollar index was up by nearly 0.1 per cent against a basket of currencies in Europe today. Read more at The Times of India.....

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