Indian Currency stronger against US Dollar
Mumbai: In morning trade today, the Indian Rupee value against the US dollar reached a five-week high of 40.55/56 on continued FII inflows buoyed up by cheerful movement in the Asian equity markets.
In fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed strongly at 40.61/62 a dollar from its last closure of 40.67/68 a dollar and afterward climbed up to about five-week high of 40.55/56 a dollar in late morning transactions.
Forex dealers stated that the firm equity markets and imperfect dollar abroad are the key factors for the rupee surge.
Slowly lifting up inflows after a FII pull-out in August and anticipations of improved portfolio inflows into equity markets also assisted the rupee response, they added.
There was stray demand from oil refiners in spite of growing worldwide oil prices that literally came to the previous record high. Worldwide crude costs were quoted near USD 78 per barrel in Asian trade.
Today, the domestic BSE benchmark climbed up 93.01 points to 15,698.84 points.