The
Rupee appreciated by 2 paise to 65.56 against the US Dollar in early
trade on Thursday.
The
Domestic currency had surged 38 paise to settle at a five-week high
of 65.58 against the greenback in the previous session at the
Interbank Foreign Exchange. The Reserve Bank of India (RBI), in its
policy review on Tuesday, cut policy rate by 50 basis points,
following which some public and private sector banks have started
lowering their base rates. This has raised hope that economic
recovery will now pick up pace.
Dollar
index, which tracks the movement of dollar against a basket of six
major world currencies, stood at 96.37. "We expect to see high
FPI flows into debt and equities on the back of this policy that
should keep the rupee in good stead. Close to $4 billion are expected
in foreign flows into government securities alone as the first two
tranches of limit increase in the coming October-January period,"
All
eyes would now be on the US nonfarm payrolls numbers for September,
which is scheduled for release on Friday.
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