Rupee at one-week high after RBI rate cut; Axis flows
Reuters Market Eye - The rupee trades at 53.64/65 versus its previous close of 53.91/92, after earlier hitting a session high of 53.5475, its highest since January 22.
Traders say sentiment for the rupee turning positive after the central bank cut both the repo rate and the cash reserve ratio by 25 basis points each at its policy review.
Some traders also say rupee boosted by dollar inflows from the Axis Bank share sale to qualified institutional investors.
"The rate cut was most or less certain, so that is not the only reason pushing the rupee up. There seems to be Axis flows in the market as well," a senior dealer with a private bank said. Two other dealers also cited Axis Bank-related inflows.
(Reporting by Swati Bhat)
- Tweet this
- Share this
- Digg this
- Malaysia Airlines plane missing at sea off Vietnam, presumed crashed
- Hollywood blockbuster 'Noah' faces ban in Arab world
- IndiGo plane evacuated after rear wheel catches fire in Nepal
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- WRAPUP 5-Malaysia Airlines plane missing at sea off Vietnam, presumed crashed
PLANE GOES MISSING
A Malaysia Airlines flight carrying 227 passengers and 12 crew went missing over the South China Sea on Saturday, presumed crashed, as ships and planes from countries closest to its flight path scoured a large search area for any wreckage. Full Article