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Rupee at 4-month high, opens at 66.53/$ |
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The rupee opened higher by 29 paise at 66.53/$ against US Dollar Tuesday as against the previous close of 66.82/$. The rupee opened at highest level since May 9 against US Dollar.
On the macro front, services sector growth touched expanded to its highest level in over three years with Nikkei India Services PMI at 54.7 in Aug, up from 51.9 in July.
India's foreign exchange reserves slipped by $392.6 million to $366.776 billion in the week ended August 26 on account of fall in foreign currency assets, the Reserve Bank of India said.
On the economy front, manufacturing output in India grew at its fastest pace in thirteen months in August. The seasonally adjusted Nikkei India Manufacturing Purchasing Managers Index edged higher in August, at 52.6 compared with 51.8 in July.
The Indian currency ended higher by 13 paise at 66.82/$. The local unit had hit a high of 67.05 and a low of 67.12. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.84 and for Euro stood at 74.80. The RBI’s reference rate for the Yen stood at 64.52; reference rate for the Great Britain Pound (GBP) stood at 88.7040.
Source : indiainfoline.com
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