Rupee gains against dollar, euro supports

Business

oi-Monika

By Monika Nihalani

Published: Wednesday, September 28, 2011, 16:43 [IST]

The partially converted Indian Rupee gained against US Dollar due to strong support from the Euro zone.

In the last session of the trade, the Indian Rupee was seen trading at 48.91 against dollar, stronger than Tuesday's close. (Data from NSE Forex Tracker)

Dollar lost against major currencies over the some ray of hope seen in Euro zone that European leaders will find a way out of the recent crisis and save falling economies. Optimism also flowed after German Chancellor Angela Merkel said Europe’s largest economy is ready to offer assistance.

Euro aided Indian currency to rise in domestic trade.

Last week domestic currency registered a sharp loss by touching 49.89, the level not seen after May 2009, but couldn't sustain at that level for long and recovered.

Positive global cues will support rupee to gain further.

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