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Rupee at three-week high; budget, GDP data awaited
February 28, 2013 / 4:29 AM / in 5 years

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.

A shopkeeper counts currency notes inside his shop in Jammu July 14, 2010. REUTERS/Mukesh Gupta/Files

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

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