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  1. Rupee surges in morning trade; hits new 21-high as foreign inflows, strong equities help

Rupee surges in morning trade; hits new 21-high as foreign inflows, strong equities help

Indian rupee gains 26 paise on Wednesday to 63.98 against the US dollar, hitting fresh 21-month high in the early morning trade at the Interbank Foreign exchange. The rupee witnessed a steep appreciation on the back of sustained selling of the American currency by the exporters and banks.

By: | Published: April 26, 2017 10:32 AM
Indian rupee gains 26 paise on Wednesday to 63.98 against the US dollar, hitting fresh 21-month high in the early morning trade at the Interbank Foreign exchange.

Indian rupee gains 26 paise on Wednesday to 63.98 against the US dollar, hitting fresh 21-month high in the early morning trade at the Interbank Foreign exchange. The rupee witnessed a steep appreciation on the back of sustained selling of the American currency by the exporters and banks.

Forex dealers said that apart from weakness in the dollar against other currencies overseas, foreign fund inflows and a higher opening in the domestic equity market supported the rupee, a PTI report said.

On August 11, 2015, the rupee had touched an intraday high of 64.33. Yesterday, the rupee had gained 18 paise against the US dollar on sustained dollar unwinding from exporters and corporates amid positive global cues.

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Meanwhile, India’s stock markets opened sharply higher on Wednesday with the benchmark BSE Sensex breaching the 30,000 mark to make a new all-time high, partly helped by buoyant Delhi municipal election results for BJP, which continues its winning streak from the recent UP state elections, further raising the hopes of a stable establishment with more legroom for reforms and development.

 

BSE Sensex hit an all-time high of 30,071.77 points, with the broader NSE Nifty also making a new record high of 9,343.15 points, sustaining well-above the 9,300-mark that it breached yesterday for the first time ever.

In the Delhi state, early results show BJP winning and leading in 184 of the 270 seats that went to poll for municipal elections. Earlier last month, BJP had formed the government in the crucial Uttar Pradesh state with an overwhelming majority, surpassing all the expectations.

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Indian markets are also tracking the gains across the globe, with the Nasdaq hitting a new record high, past 6,000 points late yesterday, and the US stocks also surging on the back of strong corporate earnings. Asian stocks too, extended gains for a fifth straight day on Wednesday as Wall Street hit new peaks while the euro consolidated recent gains as immediate concerns of political uncertainty in the euro zone receded.

Among the top gainers on the BSE was Wipro, which rose 2.19% to Rs 505.4 after its fiscal fourth quarter earnings released yesterday showed strong performance by the information technology major. Lenders Axis Bank and Housing Development Finance Corp were among the other top gainers, up over 1% each, continuing gains, buoyed by the prospects of strong financial earnings and the government’s resolve to solve the problem of NPAs.

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