Friday, Jun 04, 2004
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MUMBAI, JUNE 3. Buoyed by strong signals that the UPA Government at the Centre was committed to the reforms process, the rupee today surged to a 16-day closing peak of 45.24/25 a dollar, backed by strong trade and foreign capital inflows with sentiment upbeat for further gains tomorrow. Spurting by nearly 14 paise from Wednesday's close of 45.3750/3850, the rupee opened distinctly firm at 45.32/34 and strode on a one-way upward trip due to renewed robust trade and capital investment inflows in the absence of adequate dollar demand, dealers said.Foreign funds stepped up purchases on Tuesday, buying net $60 million worth of domestic equities, the third consecutive day of net purchases after May saw outflows of over $700 million. Notwithstanding firm global oil prices, ruling over $40 a barrel, the rupee marched to an over fortnight peak after foreign institutional investors showed renewed interest in the local bourse, a forex dealer said. Export receivables and lack of adequate corporate and import dollar demand also spurred rupee gains, he added. PTI
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