| Date: |
03-10-2016 |
| Subject: |
Rupee opens 10 paise higher against dollar at 66.51 |
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Indian rupee opened 10 paise higher at 66.51 on Monday following selling of the American currency by banks and exporters amid firm domestic and global cues. At 9.41 am. the local currency was trading nearly 13 paise higher at 66.47.
The Indian rupee on Friday closed 24 paise up at 66.61 against US dollar at Interbank Foreign Exchange market. According to forex dealers, selling of dollars by exporters and banks, expectations of strong capital inflows coming into the country in the long-run due to strong economic fundamentals largely supported the rupee.
Meanwhile, domestic equity markets opened on a firm note tracking firm global cues. Sensex surged over 150 points in the early trade, while Nifty reclaimed 8650 mark. According to Morgan Stanley Investment Management, India’s current account and trade deficits have witnessed dramatic improvement from the peak level in the quarter ended December 2012. India’s current account deficit (CAD) narrowed to 0.1 per cent of GDP for the June quarter this year, from the peak of 6.8 per cent of GDP in the quarter ended December 2012.
Source : financialexpress.com
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