| Date: |
10-08-2011 |
| Subject: |
Rupee Gains Against U.S. Dollar in Early Trade |
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Snapping a six-session losing streak, the Indian rupee appreciated by 20 paise to Rs. 45 per US dollar in early trade on the Interbank Foreign Exchange on Wednesday amid weakness of the American currency overseas against other rivals and a rebound in the stock market.
Forex dealers said dollar weakness against the euro and other currencies overseas after the US Federal Reserve announced that it will keep rates low for at least two years and a strong recovery in the domestic stock market helped the rupee to strengthen in early trade today.
The rupee had depreciated by 23 paise to close at a nearly 10-week low of Rs. 45.20/21 against the dollar in yesterday’s session on sustained demand for the U.S. currency from importers amid a continued slide in stocks.
Meanwhile, the Bombay Stock Exchange Sensex rose by 398.55 points to 17,256.46 in opening trade today.
Source : thehindu.com
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