Rupee at one-week high after RBI rate cut; Axis flows

Tue Jan 29, 2013 2:45pm IST

An employee uses checks a currency note at a cash counter inside a bank in Mumbai June 21, 2010. REUTERS/Rupak de Chowdhuri/Files

An employee uses checks a currency note at a cash counter inside a bank in Mumbai June 21, 2010.

Credit: Reuters/Rupak de Chowdhuri/Files

Related Topics

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Canada Shooting

Canada Shooting

Attack on parliament, killing of soldier stun Canada's capital.  Full Article 

Earnings Season

Earnings Season

Wipro sees rosier end to year as U.S. clients spend.  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

New Email Service

New Email Service

Google launches new email service dubbed "Inbox".  Full Article 

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Book Keeping

Book Keeping

RBI fires warning shots on companies' lack of FX hedging.  Full Article 

Policy Repo Rate

Policy Repo Rate

Most external members suggested rate cut in RBI's Sept review.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage