Rupee up another 10 paise

The rupee continued its upward march on Tuesday. Surging dollar inflows and the absence of active intervention by the Reserve Bank of India ...

The rupee continued its upward march on Tuesday. Surging dollar inflows and the absence of active intervention by the Reserve Bank of India (RBI) saw the rupee closing at a two-year high of 46.90, up by 10 paise from Monday’s close of 47.00 at the interbank foreign exchange markets on Tuesday.

The domestic currency opened firm at 46.98, gained further at 46.8905 in intra-day deals before closing the day at 46.90.

Gold zooms further by Rs 120

Mumbai: Gold prices zoomed by Rs 120 per ten gram to end at a 14-week high on the bullion market here due to frantic buying activity as prices in the global markets shot up after a steep fall in the US dollar. However, silver was down due to dull trading as gold remained the centre of activity, dealers said. Standard Gold (99.5 purity), after a firm start at Rs 5,700, jumped up further to close at Rs 5,725, a level not seen since February 14, revealing a steep rally of Rs 120 over yesterday’s close of Rs 5,605.

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The rupee has gained a whopping 24 paise against the dollar in the first two days of the week itself. At its current level, the rupee has gained 110 paise since the start of the calendar year and 62 paise in the current financial year.

The rupee is stronger by 218 paise since May 16, 2002 when it touched a life-time low of 49.07/08 in intra-day trades. In May this year, the local unit has so far gained 46 paise.