Rupee gains another 52 paise against dollar

The Indian rupee appreciated further by 52 paise to 47.36 against the US dollar in morning trade in anticipation of heavy portfolio inflows into equity amid absence of any major dollar demand from importers.     

In quiet trade at the Interbank Foreign Exchange (forex) market, the domestic currency, which moved up by a whopping 152 paise or 3.08 per cent yesterday, resumed stronger at 47.48/50 a dollar from its previous close of 47.88/89 a dollar and later touched a high of 47.36 before being quoted at 47.60/62 a dollar in late morning trade.      

The BSE barometer was quoted lower at 14,245.47 at 1015 hrs today, a loss of 38.74 points or 0.27 per cent from its last close.     

Forex dealers said the rupee sentiment was bolstered largely by hopes of heavy capital inflows in the year, triggered by a clear mandate for the Congress-led UPA will pave the way for faster reforms in the country.     

Foreign Institutional Investors were continued net buyers in equity so far in the current month.