This Article is From Jul 02, 2014

Rupee Rises to 60.02/Dollar Amid FII Buying

Rupee Rises to 60.02/Dollar Amid FII Buying

The rupee was marginally higher at 60.02 versus its Wednesday close of 60.07/08, as custodian banks sold dollars.

Foreign institutional flows lifted the rupee against the greenback. Overseas investors bought Indian shares worth Rs 856.35 crore on Tuesday. The BSE Sensex was trading up 0.65 per cent.

USD/INR is seen trading in a range of 59.90 to 60.10 during the session, dealers said.

Most Asian currencies were trading stronger against the dollar.

Traders expect the RBI to step up dollar purchases should foreign fund inflows continue through the day.

The RBI bought a net $14.51 billion in the forward market in May compared with net forward dollar sales of $6.09 billion in April, according to Reuters calculations based on data available on the RBI's website.

(With inputs from Reuters)

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