Wednesday August 10, 2011

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By Taru Sugandha  ( Assistant Editor )

Bombay stock Exchange rises by 398.55 points to 17,256.46 in the opening trade

SNAPPING a six-session losing streak, the Indian rupee appreciated by 20 paise to Rs 45 (£0.61) per US dollar in early trade on the Interbank Foreign Exchange on Wednesday (August 10) amid weakness of the American currency overseas against other rivals and a rebound in the stock market.

Forex dealers said dollar weakened against the euro and other currencies overseas after the US Federal Reserve announced that it will keep rates low for at least two years.

A strong recovery in the domestic stock market helped the rupee to strengthen in early trade on Wednesday.

The rupee had depreciated by 23 paise to close at a nearly 10-week low of Rs 45.20/21 against the dollar in yesterday's (August 9) session on sustained demand for the US currency from importers amid a continued slide in stocks.

 

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