Press Esc to close
Wednesday 30 July 2014
News updated at 6:38 PM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
Sunny day

Rupee up 73 paise to seven-week high of 61.73 against dollar

Mumbai, Oct 3, 2013 (PTI)
File Photo.

The rupee appreciated by a further 73 paise to close at an almost seven-week high of 61.73 against the dollar today as the US currency weakened globally following the budget impasse in Washington and fears of the Fed tapering its stimulus programme receded.

Dollar sales by exporters and firm local equities also supported the local currency.The rupee opened at 62.15 a dollar from the previous close of 62.46 at the interbank foreign exchange market and touched a low of 62.22. It bounced back to a high of 61.65 before settling at 61.73, a rise of 73 paise or 1.17 per cent.

The rupee was at the highest level since August 16, when it closed at 61.65 against the dollar. Finance Minister P Chidambaram has said the value of the rupee based on the real effective exchange rate was 59-60 to a dollar.


"The gains were mainly attributed to the sharp weakness in the US dollar index and strength in the euro," said Abhishek Goenka, CEO of India Forex Advisors. "The US dollar weakened globally following a failure by US lawmakers to resolve a budget impasse."

The 30-share S&P BSE Sensex shot up 384.92 points or 1.97 per cent as the partial US government shutdown eased investor concerns about a tapering of the Federal Reserve's stimulus programme. Foreign institutional investors pulled out a net Rs 106.97 crore of shares on Tuesday, according to provisional data with the stock exchanges.

The dollar index, a gauge of six major global rivals, was down by 0.07 per cent."The trading range for the USD-INR pair is expected to be within 61.00 to 62.80," said Pramit Brahmbhatt, CEO of Alpari Financial Services (India). 

Go to Top

Photo Gallery
Siddaramaiah at the launch of a drinking water unit in Vidhan Soudha premises in Bengaluru ...

Siddaramaiah at the launch of a drinking water unit in Vidhan Soudha premises in Bengaluru ...

Over forty houses were buried in a landslide triggered by heavy rains at Malin village in Pune ...

Over forty houses were buried in a landslide triggered by heavy rains at Malin village in Pune ...

Angry people set ablaze a police motorbike after rape of a minor girl by a prisoner in Allahabad ..

Angry people set ablaze a police motorbike after rape of a minor girl by a prisoner in Allahabad ..

Peoples Movement Against Nuclear Energy (PMANE) leader SP Udayakumar addressing the media ...

Peoples Movement Against Nuclear Energy (PMANE) leader SP Udayakumar addressing the media ...

India's Bajrang wrestles with England's Sasha Madyarchyk during the Men's Freestyle Wrestling ...

India's Bajrang wrestles with England's Sasha Madyarchyk during the Men's Freestyle Wrestling ...

Pankaj Singh fails to make contact with a delivery during the fourth day of the third test ...

Pankaj Singh fails to make contact with a delivery during the fourth day of the third test ...

Mahendra Singh Dhoni follows through on a shot after failing to make contact with the ball ...

Mahendra Singh Dhoni follows through on a shot after failing to make contact with the ball ...

Sushil Kumar of India, right, wrestles with Qamar Abbas of Pakistan in a FS 74kg gold ...

Sushil Kumar of India, right, wrestles with Qamar Abbas of Pakistan in a FS 74kg gold ...

Nigeria's Melvin Bibo (L) competes with India's Sushil Kumar (R) at the Men's Freestyle...

Nigeria's Melvin Bibo (L) competes with India's Sushil Kumar (R) at the Men's Freestyle...

India's wrestling medalists Sushil Kumar, left with gold, Vinesh, second left with gold...

India's wrestling medalists Sushil Kumar, left with gold, Vinesh, second left with gold...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523