Advertisement

HindustanTimes Sat,12 Jul 2014

Rupee continues to rule firm vs dollar, up 24 paise

PTI  Mumbai, October 05, 2012
First Published: 10:30 IST(5/10/2012) | Last Updated: 12:01 IST(5/10/2012)

The rupee erased some of the early gains in late morning trade, but was still up by 24 paise at 51.50 a dollar on persistent selling of the American currency by banks and exporters amid strong capital inflows after the government unleashed second phase of reforms on Thursday.


Advertisement

Persistent capital inflows from foreign funds into the equity market mainly supported the local unit, forex dealers said, adding that weakness of dollar in the overseas market also boosted the rupee's value.

In New York market, the dollar fell against the euro yesterday after the European Central Bank kept interest rates and other aspects of its monetary policy steady and signalled it stands ready to purchase bonds when a country asks for financial support.

Back home, the rupee resumed higher at 51.35 per dollar against the last closing level of 51.74 at the Interbank Foreign Exchange (Forex) Market.

It moved in the range of 51.35 and 51.70, before quoting at 51.50 at 1045 hrs.

Meanwhile, the BSE benchmark Sensex, resumed higher and firmed up further to 19,137.29 points, but declined afterwards to 18,757.34 before quoting at 18,922.85 at 1050 hrs, a loss of 135 points, or 0.71%.


Advertisement
more from Business

Doubling of tax on debt mutual funds to hit retirees

On Thursday, finance minister Arun Jaitley gave investors and the mutual fund industry a jolt by increasing the long-term capital gains tax on debt mutual funds to 20% from 10%. The definition of long-term has also been changed to 36 months for non-equity MFs from 12 months.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved