Rupee rises on foreign inflows

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The Indian rupee rose against US dollar on Tuesday as a result of gains in domestic stocks and an improved outlook on foreign inflows. The strong January industrial output numbers along with record high car sales in February have brightened outlook on foreign inflows. Rupee future for March 2012 contract rises as much as 0.13 paise to Rs. 50.0425 per dollar on the National Stock Exchange (NSE) at 12.36pm.

Index of Industrial Production (IIP) witnessed a better-than-expected growth of 6.8% in the month of January as compared to 1.8% in December. However, the constant demand for dollar from local oil refiners who are the largest buyers of the greenback in India could weaken the rupee.

At the Chicago Mercantile Exchange (CME), EURUSD future for March 2012 contract traded at US$1.3167 per euro (USD depreciated by 0.08 per cent against EUR) and GBPUSD future for March 2012 contract traded at US$1.5642 per pound (USD depreciated by 0.01 per cent against GBP) at 12.37 PM today.

S&P CNX NIFTY, at NSE, was trading at 5,424.70, up by 1.22 per cent, after opening at 5,391.05 against the previous closing of 5,359.55. It touched the intra-day high of 5,435.95 till the trading. (At 12.35 PM today).

At NSE, USDINR for March 2012 contract traded at Rs. 50.0425 per dollar, rupee appreciated by 0.13 paise, after opening at Rs. 50.0125 against the previous closing price of Rs. 50.1800. It rose to Rs. 50.1400 per dollar with a business volume of 618074 lots till the trading. (At 12.36 PM today).

Read more about: currency, dollar
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