| Date: |
03-07-2014 |
| Subject: |
Indian rupee opens flat at 59.67 per dollar |
|
The Indian rupee opened flat at 59.67 per dollar versus 59.69 Wednesday.
US dollar clings onto modest gains, having risen broadly on the back of a report that showed solid hiring in the US private sector.
On Wednesday, the rupee posted its biggest single-day gain since mid-May and rose to its highest level in more than two weeks on the back of heavy dollar sales by custodian banks along with some corporate dollar inflows.
Aiding sentiment was a record run by Indian shares after Finance Minister Arun Jaitley's warning against "mindless populism" raised hopes the government would unveil a fiscally prudent budget next week.
Traders said the Reserve Bank of India (RBI) was spotted buying dollars sporadically after the unit crossed 59.70 levels, but strong inflows helped the rupee continue to gain nonetheless. The RBI has tended to intervene when the rupee strengthens above 60 to the dollar.
Source : moneycontrol.com
|