Rupee hits more than seven months high against dollar

On Tuesday, Rupee strengthened to its highest level in more than seven months. It gained 29 paisa to close at 60.48 against dollar on sustained selling of the US currency by exporters and banks. By tracking huge global losses in the dollar and as foreign investors continued to buy a record setting camp in domestic shares this month.

The US dollar nursed broad losses early on Tuesday, having come under pressure late in New York as investors bought the euro and drove the Australian dollar to its highest this year. Hefty capital inflows helped the rupee to bounce back to a high of 60.44 before settling at almost seven-month high of 60.48, a rise of 29 paisa from its previous close.

Rupee-hits-seven month high

The last time the rupee closed at this level was on August 1, 2013 when it ended at 60.43. In three straight sessions of gains, the local currency has spurred by 86 paisa.

By all the facts and graphs it has been seen  that persistent dollar inflows into equity and debt markets are supporting the rupee. Monthly dollar demand is likely to put pressure on the rupee but the positive sentiment on account of relentless capital flows is seen restricting the losses, this statement has been given by Abhishek Goenka who is founder and CEO of India Forex Advisors.

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