5:16 pm - Sunday May 23, 2483

Rupee at 63.53 against US dollar

771 Viewed Alka Anand Singh Comments Off on Rupee at 63.53 against US dollar

The benchmark BSE Sensex recovered over 110 points in early trade today after retreating for two straight sessions, on value buying by participants in select blue chip stocks amid rebound in Chinese stocks.
Besides, optimistic buying activity ahead of the release of first quarter earnings by India’s largest software services company TCS after trading hours today, influenced market sentiments.
The 30-share index recovered by 110.41 points, or 0.39 per cent, at 27,798.13 on the back of gains in capital goods, healthcare, realty and consumer durables sector stocks.
The gauge had plunged 521.04 points in the past two days spooked by a Chinese sell-off and heightened Greece fears.
The National Stock Exchange index Nifty reclaimed the 8,400-mark by rising 37.25 points, or 0.44 per cent, to 8,400.30.
Brokers said value buying in some stocks after recent losses and a mixed trend at other Asian markets with China mainland index Shanghai Composite wiping-off early losses to trade 2.62 per cent higher as the government beefed up measures to arrest a market slump, influenced trading sentiments here.
Among other Asian markets, Hong Kong’s Hang Seng was up by 3.02 per cent while Japan’s Nikkei shed 0.82 per cent in early trade today.
The US Dow Jones Industrial Average lost 1.47 per cent in yesterday’s trade.
After falling for two straight days, the rupee strengthened by 7 paise to 63.53 against the dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency by exporters.
Besides, a higher opening in the domestic equity market and the dollar’s weakness against other currencies overseas, supported the rupee, forex dealers said.
The rupee had depreciated by 14 paise to close at an over one-week low of 63.60 against the American currency in yesterday’s trade on steady dollar demand from state-owned banks and importers.
Meanwhile, the benchmark BSE Sensex recovered 110.41 points, or 0.39 per cent, to 27,798.13 in early trade today.

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