Rupee stronger by 18 paise against dollar | business | Hindustan Times
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Rupee stronger by 18 paise against dollar

Dealers at the foreign exchange market said the rupee drew support from hopes of revival in portfolio inflows into equity as local stocks surged by a whopping 5.10 per cent on Monday.

business Updated: Mar 23, 2009 18:33 IST

The Indian rupee bounced back by 18 paise and ended at 50.45/46 against the greenback as local stocks rallied strongly on increased capital inflows amid a weakening dollar overseas.

Dollar buying by oil companies, however, put pressure on the rupee.

The domestic currency moved in a limited range of 50.40 and 50.66 during the day after resuming stronger at 50.48/50 a dollar from its Friday's close of 50.63/64 a dollar.

Dealers at the foreign exchange market said the rupee drew support from hopes of revival in portfolio inflows into equity as local stocks surged by a whopping 5.10 per cent on Monday.

Foreign institutional investors bought shares worth more than $350 million in the first four days of last week.

They said oil refiners' purchase of dollars for the month-end import payments exerted pressure on the rupee.

The Indian benchmark Sensex rose by a hefty 457 points while Asian indices too were up by 2-5 per cent.

Global oil prices firmed up in Asian trade today, driven by optimism in the financial markets ahead of an expected US government announcement of a plan to sell toxic assets.