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Little efforts by ECB may aid rupee to stay green against dollar


Indian Rupee may gain further in a day
The move by European Policy-makers may support rupee to gain against the dollar further in a day.

In the domestic currency futures market on the NSE, the Indian Rupee opened at 49.18, low from the previous close of 49.50 and fell to 48.95 in the initial session of the trade, it was seen trading at 49.19/23 around 12:00 pm IST.


To boost the struggling banks of euro zone the European Central Bank (ECB) announced that it will inject two new revival reforms in the economy by providing ultra-cheap 1-year funding to banks and buying back 'covered bonds' of 40 billion euros ($54 billion) in coming year.

ECB abstained from cutting interest rates this time as inflation still remains at 3%, out of bank's comfort zone but many analysts expect, it may cut the rates by next month.

Right after the announcement, the euro rose against the dollar and major other currencies.

The Rupee fell against the Euro in morning trade, it opened at 65.94 and was trading low at 66.14/15.

Read more about: currency dollar euro europe
Story first published: Friday, October 7, 2011, 12:25 [IST]
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