From The Hindu BusinessLine
Center-Right Owned by The Hindu Group (Kasturi & Sons)Rupee hits five-day high at 94.35 as crude slump and weak Dollar drive rally
What's behind this
The rupee settled on a flat note at 94.46 (provisional) against the US dollar, after opening weak at 94.36 in the interbank foreign‑exchange market and slipping to a low of 94.57 during intraday trade. The support from lower crude‑oil prices was offset by a firm greenback in overseas markets, but forex traders said the Indian rupee is showing signs of near‑term stabilisation after a sharp recovery.
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Indian equity markets mirrored the currency’s strength. The Nifty 50 rose 1.66 per cent to 24,357.3 and the Sensex gained 1.83 per cent to 78,719.72 as of 9:18 am IST, with indices opening near three-month highs.
RSS excerpt
Indian equity markets mirrored the currency’s strength. The Nifty 50 rose 1.66 per cent to 24,357.3 and the Sensex gained 1.83 per cent to 78,719.72 as of 9:18 am IST, with indices opening near three-month highs.
