More upside for rupee, up 38 paise at 65.44

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Updated: March 15, 2017 12:20:32 PM

Driven by its 16-month peak achieved yesterday, the rupee today acquired more heft as it rose by another 38 paise to 65.44 on sustained offloading of the US dollar amid heavy foreign capital inflows.

pfrdaThe rupee resumed higher at 65.76 as against yesterday’s closing of 65.82 here today. It advanced further to 65.41 before trading at 65.44 at 1020 hours. (Image: Reuters)

Driven by its 16-month peak achieved yesterday, the rupee today acquired more heft as it rose by another 38 paise to 65.44 on sustained offloading of the US dollar amid heavy foreign capital inflows.

Financial markets were enthused by the BJP’s emphatic UP victory amid positive macro data while unabated foreign inflows added it up.

The rupee resumed higher at 65.76 as against yesterday’s closing of 65.82 here today. It advanced further to 65.41 before trading at 65.44 at 1020 hours.

The domestic currency hovered in a range of 65.76 and 65.41 during morning deals.

Meanwhile, the dollar index was trading lower by 0.06 per cent at 101.68 against a basket of six currencies in the late morning trade.

Overseas, the US dollar remained on tenterhooks in early Asian trade as all eyes are now on the US Federal Reserve meet which will soon offer clues on its monetary policy outlook.

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Yesterday, Prathamesh Mallya, Chief Analyst – Non-Agri Commodities & Currencies, Angel Broking, said that BJP’s massive victory in the major state election has created good sentiments in the Indian market leading to appreciating rupee and higher equities. The victory will help BJP to push reform agenda in the upper house of parliament, where the party currently has a minority, Mallya said, adding that this positivity comes despite the looming threat of US rate hike which is scheduled to be held on 14-15th March 2017.

Meanwhile, the benchmark Sensex traded flat, marginally up by 7 points, or 0.02 per cent.

(With inputs from PTI)

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