Rupee opens higher at 62.26 per dollar in fifth day of gains

 

Mumbai: The Indian rupee on Monday opened marginally higher against the dollar, as forex dealers awaited fresh cues after the recent rise in the Indian currency.

In the last one week, the rupee has gained 1.7% against the dollar, as the US Federal Reserve has indicated that its multi-billion dollar bond buying programme will continue.

Reserve Bank of India governor Raghuram Rajan’s positive statement on the state of the Indian economy last week has also helped the Indian currency.

At 9.09am, the rupee was trading at 62.26 per dollar, up 0.19% from its previous close of 62.375.

The BSE benchmark Sensex lost 0.16%, or 33.81 points, to 20,857.01 in pre-opening trade.

Since January this year, the rupee has gained 11.72% against the dollar and is the third biggest loser among Asian currencies after the Indonesian rupiah and the Japanese yen, which lost 15.8% and 13.28%, respectively.

By-Kshitij
PGDM 3rd sem.