Rupee up 61 p, ends at nearly 2-wk high of 54.84 on $ inflows
Weak dollar overseas and rising hopes of government being able to push through reforms helped rupee rise, said dealers.
At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 55.55 a dollar from Tuesday's close of 55.45 and immediately touched a low of 55.61 on early hesitance in stocks.
However, later it bounced back to a high of 54.76 before settling at nearly two-week high of 54.84 -- a rise of 61 paise or 1.10 per cent. Previously, it had finished at 54.70 on November 15, 2012.
The 61 paise gain today is the highest single-day gain after the currency registered a rise of 93 paise or 1.71 per cent against the US dollar on September 21, 2012.
"Inflows from telecom sector, sentiment booster from the global markets and the expected positive developments on the FDI front helped rupee soar," said Ashtosh Raina, Head ¿ Forex Trading, HDFC Bank.
The logjam in Parliament over FDI in retail ended today with a discussion on the issue allowed with voting.
FIIs pumped in around USD 300 million (or Rs 1,580 crore) in Indian stocks, as per provisional data with bourses.
The dollar index was down by 0.22 per cent against a basket of six major currencies as investors yesterday heard optimism from Washington about budget talks
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