The Indian rupee stabilised further against the American currency in the late morning trade by surging 24 paise to 54.75 per dollar on persistent selling of dollar by banks and exporters on the back of sustained capital inflows despite firm dollar overseas.
The rupee resumed higher at 54.83 per dollar as against the last closing level of 54.99 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to 54.70 before quoting at 54.75 per dollar at 1040 hrs.
It moved in a range of 54.70 per dollar and 54.86 per dollar during the morning deals.
Persistent selling of dollars by banks and exporters mainly boosted the rupee sentiment, Forex dealer said.
Foreign institutional investors (FIIs) bought shares worth a net Rs. 826.34 crore yesterday as per provisional data from the stock exchanges.
The Indian benchmark Sensex firmed up by 142 points or 0.73 per cent to 19,568.75 at 1050 hrs.
In New York, the U.S. dollar rose as lawmakers had reached agreement on the tax portion of a “fiscal cliff” deal.
Keywords: rupee, currency value, rupee vs dollar
Happy New Year readers. Our imports are more than exports and
forthcoming raised commodity prices due to fiscal cliff prevention and
surging global economy will lead in further rise of CAD and TD and put
pressure on rupee. If we really want rupee and GDP to go up and
inflation to go down we should try to replace inland use of costly
imported subsidized and scarce stuffs and services by better cheaper,
indigenous, unsubsidized and ample substitutes. Every Indian can help
mother india in this regard by using hundred such better stuffs and
services like solar cooker etc. Hope this good sense will prevail in
2013. Let us make aware each other.
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