ENM: Rupee strengthens on dollar fall, share gains
MUMBAI: The rupee rose on Wednesday boosted by a fall in the dollar versus major currencies post the Federal Reserve meet and a higher start to the local sharemarket, which may prompt foreign fund inflows.
At 9:02 a.m. the partially convertible rupee was at 45.45/46 per dollar, up from 45.58/59 at close on Monday when it had dropped to 45.6750, its lowest since March 5.
The forex and debt markets were closed on Tuesday for a local holiday.
The dollar was hovering near one-month lows against a basket of currencies as investors cut long positions after the U.S. Federal Reserve retained its dovish bias by pledging to keep interest rates low.
The BSE Sensex was trading 0.6 percent higher tracking world stocks, which rallied as U.S. Federal Reserve held benchmark rates near zero and maintained its pledge to keep them low for an extended period.
