February 27, 2013

Rupee extends gains; share gains hurt

Rupee extends gains; share gains hurt - The Economic Times

Rupee extends gains to 53.84/85 as gains in the domestic sharemarket on optimism ahead of the budget hurt. It closed at 54.09/10 on Tuesday.

Traders say market hopeful of more pro-investment measures which will boost inflows into the country.

Dollar demand from oil companies, however, is expected to limit the downside. Traders do not expect the pair to drop below 53.75 during the session.

Local shares are up 0.5 per cent while Asian shares also rise following solid data in the US and Federal Reserve's affirmation of its commitment to monetary stimulus.

Source : Economic Times

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