INSUBCONTINENT EXCLUSIVE:
At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 70.05.The rupee pared early gains but managed to end 5 paise
higher at 70.39 against the US dollar Wednesday on increased selling of the greenback by exporters amid benign crude oil prices and smart
gains in domestic equities
This is the third straight session of gains for the domestic unit, during which it has rallied by a hefty 151 paise
Traders said sustained selling of the American currency by exporters and banks ahead of the US Fed policy decision propped up the rupee,
while sliding oil prices eased current account deficit concerns.At the Interbank Foreign Exchange (forex), the rupee opened on a firm note
It gained further to hit a high of 69.86 following dollar selling by exporters, before finally closing at 70.39, up 5 paise
The rupee on Tuesday had rallied by a whopping 112 paise, its best single-day gains in over five years, to settle at 70.44 against the US
by way of open market operation
"A bearish view on oil prices added strength to rupee
On global front, market is expecting dovish hike by Fed which is likely to calm investors' nerves in the emerging markets like India," said
its rising streak for the seventh session
reference rate for the rupee/dollar at 70.1094 and for rupee/euro at 79.8153
The reference rate for rupee/British pound was fixed at 88.7431 and for rupee/100 Japanese yen at 62.38
