Rupee appreciates to 50.63 against dollar

Rupee appreciated marginally by 10 paise against US currency in opening trade on Thursday.

Written by Agencies | Mumbai | Published: March 26, 2009 9:27 am

The Indian rupee appreciated marginally by 10 paise against the US currency in opening trade on Thursday on expectations of increased capital inflows by foreign funds as domestic bourses may open higher and dollar’s weakness against some currencies.

However,increased month-end demand for the US greenback from importers,capped gains in the Indian unit.

At the Interbank Foreign Exchange (Forex) market,the domestic unit was quoted higher at 50.63 a dollar,up by 10 paise over the previous close of 50.73/75.

Forex dealers said hopes of pick up in capital inflows from foreign funds in the domestic stock markets,which may open in positive zone in tandem with other Asian markets,mainly supported the rupee.

Gains in some other Asian currencies against the greenback also helped the domestic currency to edge higher,they said.

The rupee,which depreciated 28 paise in the opening trade yesterday recovered later and ended 3 paise lower at 50.73/75 in choppy trade against the USD,after the Sensex closed higher in a highly volatile session.

Meanwhile,Asian equity markets were trading in positive territory with gains up to two per cent in early trade on Thursday.

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