Rupee gains on renewed optimism of further reforms

Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The rupee gained sharply today on renewed hopes of further reforms and strong dollar inflows. The Indian currency was trading higher by 0.31 paise at 54.07 to the dollar at 9.50 am IST. The gains were also on the back of strong equity markets.

    The rupee is expected to strengthen as the government lays an ongoing focus on reforms. Also, crude prices have been falling over the week, which is likely to help support the rupee. Bulk of India's dollar demand comes from oil imports.

     

    Today's rally in the rupee can also be attributed to the fact that the government did not withdraw any of the reform measures that it had unleashed over the last few weeks.

    It maybe recalled that the government had approved FDI in multi-brand retail and in the aviation sector, which has improved sentiments in the stock markets and for the rupee.

    GoodReturns.in

    Read more about: currency
    Story first published: Friday, September 21, 2012, 10:14 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more