Indian rupee hits 11-mth high vs US dollar

May 19 2014, 13:12 IST
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Traders expect US dollar buying from the central bank to limit broader gains in the rupee. (AP) Traders expect US dollar buying from the central bank to limit broader gains in the rupee. (AP)
SummaryTo limit gains in Indian rupee, RBI expected to buy US dollars.

Extending its rising streak for the fourth straight session, the rupee today jumped by another 32 paise to trade at a fresh 11-month high of 58.47 against the US dollar in early trade on sustained foreign capital inflows after the BJP-led NDA swept the Lok Sabha elections.

Increased selling of the dollar by banks and exporters amid sustained foreign capital inflows supported the rupee, dealers said.

Besides, a strong rally in domestic equity market in opening trade and the euro's gain against the dollar overseas also helped the rupee, they added.

The rupee rose 50 paise to 58.79 to end at 11-month high against the dollar on Friday.

Meanwhile, the benchmark BSE Sensex rose 275.82 points, or 1.14 per cent, to trade at 24,397.56 in opening trade. The index was trading 204 points higher at 24,326.16 at 1.10 pm.

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