RTTN:Indian Rupee Trades At Fresh 5-week High Against Dollar
(RTTNews) - Extending its 9-day winning streak, the Indian rupee rose to 51.3650 against the US dollar on Friday morning and this set the highest level for the domestic unit since December 7, 2011. On the upside, the rupee may find resistance around the 51.20 level.
The rupee strengthened as Indian shares rebounded on the back of increased buying from foreign institutional investors as easing concerns about peripheral euro zone debt and falling inflation numbers on the domestic front lifted optimism.
Also, in a reversal from the negative trend witnessed in October, government data released yesterday showed that India's industrial output grew 5.9 percent in November, stoking optimism growth will further pick up in the coming months.
The benchmark 30-share Sensex is currently at 16,118, up 80 points or about half a percent from its previous close, while the 50-share Nifty index is up 22 points or 0.46 percent at 4,853.
