Rupee surges against US dollar

Posted By: Religare
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The rupee surged to an all time high against the US dollar, appreciating by 0.44 paise to Rs 52.9025 against the greenback on Friday after Prime Minister Manmohan Singh asked the Finance Minister, P Chidambaram to take steps to avoid the volatility in Indian currency and as the government also stuck to its original borrowing plan, in turn showing further signs of fiscal discipline. At MCXSX, USDINR for October 2012 contract traded at Rs. 52.9025 per dollar, rupee appreciated by 0.44 paise, after opening at Rs. 53.1000 against the previous closing price of Rs. 53.3400. It rose to Rs. 53.1025 per dollar with a business volume of 998998 lots till the trading. (At 12.31 PM today). Sentiment improved further due to the fresh selling of the American currency by banks and exporters, sustained foreign capital inflows as well as weak dollar overseas.

At the Chicago Mercantile Exchange (CME), EURUSD future for September 2012 contract traded at US$1.2924 per euro (USD depreciated by 0.05 per cent against EUR) and GBPUSD future for September 2012 contract traded at US$1.6249 per pound (USD depreciated by 0.06 per cent against GBP) at 12.30 PM today.

S&P CNX NIFTY, at NSE, was trading at 5,725.80, up by 1.35 per cent, after opening at 5,684.80 against the previous closing of 5,649.50. It touched the intra-day high of 5,735.15 till the trading. (At 12.29 PM today).

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