Rupee surges 41 paise against dollar in opening trade
27 May 2009
The rupee today rose 41 paise against the dollar on anticipation of heavy foreign capital inflows on expectations of a stock market rally in step with the bullishness in other Asian markets.
The Asian stock markets rose 3.7 per cent in the today's morning trades.
The rupee opened 41 paise over yesterday's close, being quoted at 47.51 a dollar in the opening trade at the Interbank Foreign Exchange market. Registering its biggest fall in three months yesterday, the rupee had plunged 64 paise, closing at 47.92/93.
Acording to dealers, the expectations of a surge in the domestic stock markets in line with other rallying Asian markets led to capital inflows, which had the effect of strengthening the rupee sentiments.
They, however, added that the month-end dollar demand from importers and refiners had capped the rupee's gains to an extent.
