Rupee appreciates further by 32 paise Vs dlr

At the Interbank Foreign Exchange (Forex) market,the domestic unit opened higher at 49.67/68 a dollar from previous close of 49.82/83 and touched a low of 49.80 in morning deals after some weakness in stocks following the news of rise in the key interest rates announced by the central bank.

However,the rupee bounced back on smart recovery in equities as well as sustained dollar selling by exporters on expectations of fall in dollar value overseas.

Yesterday,it had gained 19 paise or 0.37 per cent.

The BSE benchmark Sensex shot up by 315.58 points or 1.86 per cent,which mainly supported the rupee rise.

“Next support for Rupee is at 49.25 and the trading range for the USD/INR will be 49.25 to 50.00 on Friday,” Pramit Brahmbhatt,CEO,Alpari Financial Services (India) said.

The forex market will remain closed on October 26 and 27 on account of Diwali festival.

The US dollar fell in the New York market yesterday to its lowest level since early September against the euro,following a report that Germany is willing to leverage Europe’s bailout fund to more than one trillion euros,or about 1.39 trillion dollars.