Indian Rupee Climbs To 3-day High Vs U.S. Dollar Amid Suspected RBI Intervention
November 24 2016 - 9:14PM
RTTF2
The Indian rupee traded higher against the U.S. dollar in late
morning deals on Friday, following suspected intervention by the
Reserve Bank of India to contain excessive fall in the currency as
well on firm Asian cues.
The benchmark BSE Sensex was up 282 points or 1.09 percent at
26,142, while the broader Nifty index was up 103 or 1.29 percent at
8,069.
The RBI may have intervened in the forex market in the morning
to support the rupee, which was battered by surging dollar, fears
about the government demonetisation program and sustained capital
outflows from emerging markets.
The rupee appreciated to a 3-day high of 68.16 against the
greenback in morning deals and held steady thereafter. Thus, the
currency gained 1 percent from a 9-month low of 68.85 hit on
Wednesday. If the rupee extends rise, 66.00 is possibly seen as its
next resistance level.
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