Reuters Market Eye - The rupee is higher tracking broad gains in Asian FX versus dollar after Turkey's massive rate hike. The pair is at 62.22/23 versus Tuesday's close of 62.51/52.
A definite break of 62.20 might lead to test of 62, says a dealer.
The central bank's surprise rate hike on Tuesday supporting INR as it is making the currency high-yielding.
The BSE Sensex gains, up 0.59 percent.
Japan's yen extended its pullback early on Wednesday, while higher-risk currencies such as the Australian dollar rallied after Turkey stunned markets with a massive interest rate hike in an effort to stem capital flight from its economy.
(Reporting by Subhadip Sircar)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app