| Date: |
17-04-2014 |
| Subject: |
Rupee rises to 60.27 per dollar after Fed comments |
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The rupee, which had closed at 60.37/38 on Wednesday, opened stronger at 60.27/28 sparked by dollar selling after US Fed chair's dovish comments.
On Wednesday Janet Yellen, in her second public speech as Federal Reserve Chair, stressed the need for accommodative policy citing persistently low inflation and economic slack.
The rupee is likely to trade in the 60.20-60.50 band for the day, traders said.
The yen wallowed at one-week lows against the dollar early on Thursday, having eased broadly overnight as a rally in global stocks dented demand for the safe-haven currency.
The rupee dropped for a third straight session on Wednesday, its worst falling streak since late-January, as profit-taking in the domestic stock market by offshore investors hurt the local unit.
Overseas investors sold Indian shares worth of Rs. 44.69 crore ($7.4 million) on Wednesday, provisional exchange data shows, marking their third consecutive session of outflows.
Source : profit.ndtv.com
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