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Bank stocks gain as rupee hits two-month high

By Religare
Bank stocks gain as rupee hits two-month high
Banking stocks were in demand on the domestic bourses on Friday with most of the heavyweight stocks gaining over 2.5 per cent, after the rupee touched two-month high in the early morning trade against the US dollar.

Rupee breached the psychological 61/USD mark for the first time in two months, helped by sharp rally in domestic equity markets and improved risk sentiments after US lawmakers reached a deal to avert default by raising the debt ceiling.

At 11:40 hours, the BSE Banking index was quoting at 12,098.47, up 2.6 per cent from previous close. The benchmark 30-share Sensex was trading higher by 1.5 per cent at 20.731.88.

Within the banking space, IndusInd Bank was trading higher by 4.4 per cent followed by Karnataka Bank and Federal Bank with 3.5 per cent surge. ICICI Bank, Axis Bank and HDFC Bank were also trading higher by over 2.5 per cent.

Dion Global Solutions Ltd.

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