| Date: |
28-10-2011 |
| Subject: |
Indian Rupee Jumps More Than 1 pct on Euro, Share Surge |
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The Indian rupee surged 1.3 percent on Friday in tandem with local equities and the euro as worries over European economy ebbed after the region's leaders agreed on a plan on Thursday to contain the festering debt crisis.
* At 9:16 a.m., the partially convertible rupee was at 48.86/87 per dollar, sharply stronger from Tuesday's close 49.51/52. The domestic currency market was closed on Wednesday and Thursday for religious festivals.
* The dollar nursed heavy losses early in Asia on Friday, having suffered its biggest decline in more than two years against a basket of major currencies after a European debt deal sparked a massive relief rally in risk assets.
* The local benchmark share index gained more than 3.5 percent in early trades on Friday.
* Euro zone leaders struck a last-minute deal on Thursday to contain the currency bloc's two-year-old debt crisis but are now under pressure to finalise the details of their plan to slash Greece's debt burden and strengthen their rescue fund.
Source : in.reuters.com
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