Business

Rupee jumps by 44 paise to 69.26


The Indian rupee Monday appreciated by another 44 paise to close at 69.26 to the US dollar in line with an intense rally in domestic equities amid hopes of a rate cut by the Reserve Bank.


"Falling crude oil and slowing economic growth boosted speculations of monetary easing by the Reserve Bank of India (RBI) in its next bi-monthly policy.


Moreover, heavy buying in domestic equities, selling of the American currency by exporters and foreign fund inflows also supported the local unit.


According to Sharma, sharp fall is being witnessed in crude oil prices in the last three sessions and the same helped the rupee to appreciate against the dollar.


Meanwhile, Brent crude futures, the global oil benchmark, rose 1.02 per cent to trade at USD 62.62 per barrel.


Foreign funds infused Rs 3,068.88 crore in the capital markets on a net basis Monday, provisional data showed.






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