This Article is From Jul 02, 2014

Rupee Strengthens to Below 60/dollar

Rupee Strengthens to Below 60/dollar

The rupee rose to a nearly three-week high of 59.68, boosted by gains in stocks markets. The rupee opened flat today but extended gains as the Indian stocks markets hit all-time highs today.

The BSE Sensex and Nifty soared over 1 per cent today to hit new highs of 25,816 and 7,720. The rupee was previous below the 60/dollar level on June 13, when it hit the day's high of 59.32.

Overseas investors bought Indian shares worth $142.8 million (Rs 858 crore) on Tuesday. They have bought close to $10 billion (nearly Rs 60,000 crore) in Indian equities so far this year. Most Asian currencies were also trading stronger against the dollar. ($1 = 60 rupees)

Traders expect the Reserve Bank of India to step up dollar purchases if rupee strengthens further. (With Agency Inputs)