RTTN:Indian Rupee At 11-day High Against US Dollar
(RTTNews) - The Indian rupee extended previous sessions' gains against the US dollar on Friday as domestic equities rallied on easing concerns over Europe's debt crisis along with data released overnight showing the world's largest economy grew at its fastest in a year in the third quarter boosted investor confidence over global growth outlook.
Rate hike concerns also abated to some extent after the Reserve Bank of India on Tuesday indicated that further rate hikes may not be there if inflation moderates.
The benchmark 30-share Sensex and the broader Nifty index on the NSE climbed around 3 percent each, with metal, realty, banking, capital goods and auto stocks pacing gains. Second-line stocks posted relatively modest gains, with the BSE mid-cap and small-cap indexes rising 1.5 percent and 0.9 percent, respectively.
The rupee reached 48.7350 against the US dollar, the highest level since October 17. The dollar-rupee pair thus moved below the rising 30-day simple moving average level and the a move above the 48.65 resistance could set the rupee to reach its peak since September 21. The pair closed yesterday's deals at 49.1250.
