Mumbai, Jan 15:
The
rupee spurted 43 paise to trade at a fresh one-month high of 61.75 against the
dollar at 11.55 am local time as the RBI cut interest rates by 25 bps to 7.75
per cent.
After
opening strong at 61.72 at the Interbank Foreign Exchange market, the domestic
unit hovered in the range of 61.71 and 62.19 in the morning trade.
Forex
dealers said a strong domestic equity market and dollar’s weakness against
other Asian currencies also supported the rupee.
The
rupee had ended four paise lower at 62.18 on fresh dollar demand from banks and
importers in yesterday’s trade in view of a fall in crude oil prices.
Meanwhile,
the benchmark BSE Sensex was trading at 27,881.68, up 535.79 points in the
pre-noon session.
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