Rupee Gains 45 Paise To Close At 81.24 Against US Dollar
NDTV
The Indian rupee strengthened on Wednesday, helped by an uptick in most Asian emerging market peers, while traders noted there were some dollar inflows. The rupee
The Indian rupee strengthened on Wednesday, helped by an uptick in most Asian emerging market peers, while traders noted there were some dollar inflows.
The rupee finished the session at 81.24 per dollar, recovering from trading near its Tuesday's close of 81.76 for the better part of the session. It had declined 0.5% in the first two days of the week.
State-run banks sold dollars on the day, four traders said, but were unsure of the purpose. They also reckoned some bond-related inflows were trickling into the market.
Rupee forward premiums jumped, with 1-year implied yield at a two-month high of 2.35%, with traders again pointing to public sector bank action.