Rupee Surges On Back Of Euro, Strong Inflows, Asian Peers.

The Indian rupee surged over 20 paise in early trade on Friday propelled by sharp gains in the euro and robust inflows.

Strong Asian currencies may also have helped the rupee, traders said. See for a snapshot on Asian units.

At 9:26 a.m., the partially convertible rupee was at 44.0075/0100 per dollar after briefly touching 43.9900. It had ended at 44.20/21 on Thursday.

A large section of the market expects the rupee to go past 43.95, a level last seen on Oct. 15, on back of the continuing inflows.

Foreign funds have purchased $2.98 billion worth of shares since the start of March, after being net sellers in January and February.

Strong Asian currencies may also have helped the rupee, traders said. See for a snapshot on Asian units.

The euro was at $1.4385, rising above its highest of $1.4352 last seen mid-January 2010. It had been at $1.4280 at the end of the local forex trade on Thursday.

The index of the dollar against six major currencies was down 0.45 percent at 75.245 points, compared with 75.649 points at the close of local trade on Thursday.

Source : economictimes.indiatimes.com