The Indian rupee rose for the fifth consecutive session on Wednesday and touched its highest in more than two months, driven by robust dollar inflows and a rise in the euro, though dollar demand from oil importers tempered gains. The rupee ended at 50.3750/3850 to the dollar, after rising to 50.38 - its highest since November 14. It rose 0.7 percent from its Tuesday's close of 50.73/74.
One-month offshore non-deliverable forward contracts were being quoted at 50.8, indicating some weakness in the short term in the onshore spot rate. In the currency futures market, the most-traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all ended around 50.55 on total volume of $6.22 billion.
Comments
Comments are closed for this article.