Snapping its five-session losing streak, the rupee today gained 29 paise to 63.94, recovering from a 20-month low against the American currency on fresh selling of dollars by banks and exporters amid rebound in equities.
The rupee resumed higher at 64.13 as against the last closing of 64.23 at the forex market and firmed up to 63.90 before closing at 63.94, a gain of 29 paise.
A weak rupee is positive for metal stocks; so while the metal price rout globally is dragging the sector down, currency may offer respite
— Meera Siva (@siva_meera)
May 8, 2015In the New York market, the dollar remained stuck in a range against most of its major rivals in early trade ahead of US jobs report later today, but sterling rallied to its highest in just over a week on expectations that British Prime Minister David Cameron’s Conservatives will stay in office.
Weak currency and higher crude prices may hurt prospects of companies in the transport sector who had a good run when fuel prices were low
— Meera Siva (@siva_meera)
The rupee had dipped below the 64-mark to end at a 20-month low of 64.23 by slumping 69 paise against the American currency yesterday on sustained capital outflows by foreign funds amid lingering concerns over MAT and delay in the passage of key tax reform Bills.
Meanwhile, the BSE Sensex surged 506.28 points or 1.9 per cent to 27,105.30.