Rupee at three-week high; budget, GDP data awaited
Reuters Market Eye - The rupee rises to 53.59/60 in opening trade, its highest since February 8 and weaker compared with its close of 53.86/87 on Wednesday.
Traders say a risk-on mood globally pushing the dollar lower, while market is also hopeful for a fiscally disciplined budget.
Asian shares and other risk assets rise as sentiment improves after U.S. Federal Reserve Chairman Ben Bernanke reaffirms his commitment to strong stimulus, while a smooth debt sale calms fears over Italy's political turmoil.
Traders expect good support for the dollar around 53.55 levels, while month-end dollar demand from oil firms may also aid.
(Reporting by Swati Bhat)
- Tweet this
- Share this
- Digg this
- Cold hard facts: Underwater robot measures Antarctic sea ice |
- 'Wizard of Oz' Cowardly Lion suit, Casablanca piano go for millions
- Jewish-nation bill frays Israel's delicate social fabric
- Missouri governor orders more troops to Ferguson after riots |
- India moves toward ban on loose cigarettes to deter smoking
India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates. Full Article