Rupee at fresh 12-month high

At the Interbank Foreign Exchange (forex), the Indian Rupee is still quoting at its year high at 46.67 per dollar.
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(Updated 1124 hrs)

The Indian rupee surged further by 28 paise to 46.60 against the greenback in early trade today, on sustained dollar selling and weakness against a basket of currencies.     

The rupee also strengthened on a smart rally in local stocks in early trade.     

The domestic currency resumed higher at 46.82/83 a dollar against its last close of 46.88/89 a dollar and later surged to a high of 46.60 before being quoted at 46.70/71 a dollar in late morning deals.

Dealers at the Interbank Foreign Exchange (forex) market said the rupee is expected to remain stronger against dollar that remained under pressure on expectations of steady US interest rates.

They said the Indian currency may face pressure due to likely central bank intervention in the later part of the day.     

Indian benchmark Sensex gained 100 points at 1030 hours while Asian indices were trading in the green this morning.
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(Updated 1008 hrs)

Continuing its rally for the fourth straight day, the Indian rupee strengthened by another 5 paise to hit 12-month high of 46.83 in opening trade today, supported by a weak dollar against major currencies amid anticipation of more capital inflows into domestic equities.     

At the Interbank Foreign Exchange (Forex) market, the local unit appreciated by 5 paise to 46.83. On Tuesday, the Indian currency ended 63 paise higher at 46.88/89 against the US currency on heavy dollar selling by corporates and exporters prompted by weakness of the greenback in the overseas markets.    

Besides the greenback weakening against major currencies, expectations of a strong opening in the equity markets gave a boost to the rupee sentiment, forex dealers said.     

Meanwhile, Hong Kong's Hang Seng was trading higher by 1.92 per cent, while Japan's Nikkei up 1.12 per cent in early trade today, while the US Dow Jones Industrial Averge closed 1.37 per cent higher in Tuesday's trade.