Rupee inches up on RBI's comments

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Rupee inches up on RBI's comments
The partially convertible Indian rupee rose in early trade on Wednesday, with the rise in local equities and strong global cues. Rupee appreciated by 19 paise to Rs 52.68 per dollar in early trade on the Interbank Foreign Exchange.

The Indian rupee gained confidence after Reserve Bank assured that it has several other tools to stem the fall in domestic currency.

On Tuesday, RBI deputy governor Subir Gokarn said, “Although the rupee is at 53, it has been relatively more stable, If you go by the intra-day volatility, that was some weeks ago. That may reflect the fact that some of the measures we have taken are helping to keep some boundaries on it.”

He further added, these measures are not the only ones we have. There are other measures we can undertake to bring stability to this market and as the need, arises we will use these.

At 10.33 am IST rupee was seen trading at 52.77 per dollar up by 10 paise.

Yesterday, the rupee had closed marginally lower by 1 paisa at Rs 52.87/88 per US dollar.

The rupee plunged 18% this year making it worst performing currency this year and touched all time low of 54.30 per dollar on Thursday.

Meanwhile, At 10.35 am IST, the BSE Sensex was trading at 15,381.85 , up by 1.26% or 206.77 points. The 50-share NSE Nifty also spurred and was seen up by 1.39% or 63.25 points at 4,607.45.

Read more about: currency, dollar, bse, nse, rbi
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