INSUBCONTINENT EXCLUSIVE:
The rupee has appreciated by 143 paise against the dollar in six consecutive daysThe rupee rose by 21 paise to end at 71.46 against the
dollar on Tuesday, on increased selling of the greenback by exporters amid softening crude oil prices, and persistent foreign fund
inflows.This is the sixth straight session of gains for the domestic unit as the US dollar weakened against some currencies overseas
In the last six trading sessions, the rupee has gained 143 paise."Domestic currency strengthened for a sixth day after RBI's OMOs supported
rupee's rise that has been set off by declining oil prices and continued capital inflows
The appreciation has happened even as Dollar fell to a two week low following Fed's cautious comments over a potential global slow down,"
said Anand James, chief market strategist at Geojit Financial Services.The Reserve Bank of India said on Monday that it would inject Rs
8,000 crore into the system through purchase of government securities on November 22.At the Interbank Foreign Exchange (forex), the rupee
opened on a firm note at 71.39
It gained further ground to hit a high of 71.27, following dollar selling by exporters.The local unit, however, pared the initial gains and
finally settled the day at 71.46 to the US dollar, up 21 paise.On Monday, the rupee had increased by 26 paise to close at a 10-week high of
71.67 against the US currency.Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows to capital
markets.Foreign institutional investors (FIIs), made fresh purchases worth Rs 1,103.36 crore Monday, as per provisional data.Meanwhile, the
Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of appropriate size of reserves that the
RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank.Globally, Brent crude, the
international benchmark, was trading at $66.56 per barrel Tuesday.The Financial Benchmark India Private Ltd (FBIL) set the reference rate
for the rupee/dollar at 71.3276 and for rupee/euro at 81.6867
The reference rate for rupee/British pound was fixed at 91.7197 and for rupee/100 Japanese yen at 63.40.Meanwhile, the Sensex fell over 300
points or 0.84 per cent, to 35,474.51 on heavy selling by market participants, in step with a global selloff
The 50-share NSE Nifty too dropped by 107.20 points, or 1 per cent, to 10,656.20.
