Rupee recovers against US Dollar in early trade
The gain was due to a retreating dollar overseas, helped by positive sentiments following a renewed boom in the market.india Updated: Apr 27, 2006 11:32 IST
The Rupee gained against US dollar on Thursday, rising up from Wednesday's close of Rs 45.11/12 to Rs 45.05/06.
The gain was due to a retreating dollar overseas, helped partly by positive sentiments following a renewed boom in the stock market.
The Indian currency opened on a positive note at Rs 45.09/10 per dollar, reflecting the Dollar sustained slide against major global rivals, mainly the Euro.
Discounting firm crude oil prices at $71.90 a barrel, the Rupee made a sharp turnaround on the back of the tumbling dollar overseas and trade inflows, a Forex dealer said.
Market sentiments got the boost following a fresh spurt in share prices at the local bourses, he added.
The Nifty at the National Stock Exchange hit all time highs of 3595.70, within 10 minutes of resumption of trade, crossing the previous peak of 3592.70. The BSE Sensex shot-up over 134 points to 12,073.01.
In cross-currency trade, the Euro was quoted at Rs 56.09/56.11, Pound Sterling at Rs 80.42/44 and Japanese Yen (100) at Rs 39.24/26.