Rupee soars up
Posted on: 24/Aug/2013 12:43:06 PM
Because of the timely intervention of Reserve Bank of India and Finance Minister P Chidambaram soothing words, the rupee in a strong comeback soared 135 paise to end at 63.20 against dollar.
Yesterday’s gain in rupee is the second-biggest in a decade. With the rupee hitting an all-time low of 65.56 day before yesterday, nationalized banks were seen heavily selling dollars today probably on the behalf of the central bank and this sharply lifted the battered currency.
The rupee today jumped by 135 paise to end at 63.20 against the US dollar. In absolute terms, this is the biggest rise in a decade after a 152 paise flare up on May 18, 2009.
The buoyancy in currency markets spread to the stock markets with the benchmark S&P BSE Sensex soaring by 206 points to end at a one-week high of 18,519.44 -- led by robust buying in frontline shares of capital goods, refinery, banking and auto sectors.
However, gold prices fell by Rs 200-330 in major metros except Chennai.
