Rupee gains 15 paise on strong economic cues

Published: Wednesday, January 4, 2012, 13:38 [IST]

INR

83.530

The partially convertible Indian rupee rose for the second consecutive day on the Interbank Foreign Exchange on Wednesday on strong Indian economic data.

The rupee's outlook remained strong as inflation has also showed some signs of moderation. According to survey by Reuters, India's service sector rose at its fastest speed in five months in December by 54.2%, which further boosted the rupee sentiment. India's service sector includes software service industry which gets 90% revenue from its overseas clients.

Domestic equity market opened with positive note and then slipped to negative terrain which limited the rupee sentiment. At 1.30 pm IST rupee was seen trading at 53.06 per dollar up by 15 paise

Yesterday, rupee had gained 9 paise and closed at Rs 53.21 per dollar amid positive domestic rally.

The domestic currency is expected to move in a range between Rs 52.92-53.25 per dollar during the session.

Meanwhile, at1.30 pm IST, BSE was seen trading at 15891.66 down by 47.70 points or 0.30% points. The 50-share NSE was at 4749.55 down by 15.75 points or -0.33%.

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Story first published: Wednesday, January 4, 2012, 13:38 [IST]