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This is an archive article published on February 3, 2010

Rupee spikes to 46.12 against dollar

Rupee rose for a second straight day on Wednesday rising to more-than-one-week high.

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The Indian rupee rose for a second straight day on Wednesday rising to more-than-one-week high on the back of a 1-per cent gain in the sharemarket early and tracking higher regional peers.

At 9:22 a.m.,the partially convertible rupee was at 46.12/13 per dollar,stronger than its close of 46.22/23 on Tuesday.

Most Asian currencies were trading stronger compared to the dollar.

Equities rose 1 per cent early on Wednesday,with Reliance Industries and Infosys Technologies topping the gainers,helped by a rise in global markets.

The US dollar slipped further from six-month highs against a basket of currencies on Wednesday,as investors picked up bargains in beaten down growth-linked currencies with risk appetite showing some signs of recovering.

State-run NTPC Ltd,India’s largest power producer,opens a follow-on share sale on Wednesday to raise at least $1.8 billion. The issue closes on Feb. 5.

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