September 5, 2013
MUMBAI: The rupee on Thursday strengthened by hefty 138 paise to trade at 65.69 against the dollar at the Interbank Foreign Exchange market after fresh measures by the RBI to stem the currency's slide.
Blue chip shares, especially banks, jumped with NSE bank index surging as much as 9.4 per cent.
September 5, 2013
MUMBAI: The rupee on Thursday strengthened by hefty 138 paise to trade at 65.69 against the dollar at the Interbank Foreign Exchange market after fresh measures by the RBI to stem the currency's slide.
Blue chip shares, especially banks, jumped with NSE bank index surging as much as 9.4 per cent.
The rupee had settled at 67.07 against the dollar on Wednesday, up by 56 paise over the previous day's close.
Traders said dollar selling by exporters and banks and fresh measures announced by new RBI governor Raghuram Rajan to curb the rupee's slide helped domestic currency recover.
The dollar's weakness against other currencies overseas also supported the rupee's sentiment, they said.
Meanwhile, stock markets were up by over 2 per cent in early trade.
The BSE benchmark index soared by 488 points to 19,055.74, while National Stock Exchange's Nifty rose by 153 points to 5,601.90 in opening trade.
Banking, realty, capital goods and consumer durables stocks were leading gainers.
The new RBI governor on Wednesday announced measures, such as liberalisation of the financial market by enhancing the limits for exporters to re-book cancelled forward exchange contracts and opening a special concessional window for swapping foreign currency non-resident (FCNR) deposits and dollar funds, to support the rupee.
In the Asian region, Hong Kong's Hang Seng index rose by 0.95 per cent, while Japan's Nikkei was up by 0.61 per cent in early trade.
The US Dow Jones Industrial Average ended 0.65 per cent higher on Wednesday.
Courtesy: PTI
