Rupee gains on forex kitty increase, Iran deal

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 Rupee gains on forex kitty increase, Iran deal
The rupee made good gains on Monday in line with a global rally in equity prices, following the Iran nuclear deal.

The rupee was last trading at 62.53 against the dollar, a jump of 54 paise over Friday's close. The rise was also largely on the back of rising forex reserves. The forex reserves jumped for the second consecutive week by adding USD 1.459 billion in the week to November 15, taking the overall reserves to a healthy USD 283.57 billion, on account higher foreign currency assets, the Reserve Bank said Friday.

In the week-ago period, reserves rose by USD 819.5 million to USD 282.113 billion. Foreign currency assets, which form the largest chunk of the reserves, rose 1.465 billion to USD 255.90 billion in the week under review, the RBI said.

Falling crude prices, which augurs well for the current account deficit also boosted sentiments for the rupee.

Meanwhile, the Sensex was trading higher by 303 points.  Check currency rates here

GoodReturns.in with inputs from PTI.

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