Rupee rallies by 36 paise to 50.34/35 vs dollar
With the sharp rise in equity markets and expectations of more capital inflows, the Indian rupee today rallied further by 36 paise to close at 50.34/35 against the greenback.
In quiet trade at the Interbank foregine exchange (Forex) market, the local currency opened higher at 50.30/32 a dollar against its previous close of 50.70/71 and ended at 50.34/35. On March 31, it was up by 48 paise.
The rupee moved in a narrow range of 50.24 and 50.42 a dollar. Mainly the continued rally at the equity markets supported the rupee as the Sensex today closed sharply up by 447 points or 4.51 per cent. In straight three sessions of rally, it jumped by 780.69 points or 8.16 per cent.
Asian indices also ended in the green, gaining between 0.72 per cent and 7.41 per cent on the back of Wall Street going up yesterday due to expectations of an early recovery in the US economay, which showed improvements in manufacturing and housing data. Fresh capital inflows on April 1, after a couple of days of sell-off, as per provisional figures, also boosted market sentiment. A weak dollar in Asian trade today against its major rivals also helped the rupee rally.
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