The Indian rupee rallied to its highest level in a month on optimism that higher-than-estimated revenue from an auction of wireless connections to 3G telecom majors may help cut the huge debt and boost investment in the Asia's third-largest economy.
However, in the initial hours, the buying from foreign banks weakened the currency a bit-as stated by the foreign exchange dealer with state-run banks.
The Spot rupee hit an intraday high at 46.305 and registered the day's low at 46.635, to settle nearing day's high of 46.5569, gaining close to 0.52% as compares to Wednesday's close of 46.5569. So far this week, Rupee has gained closed to 1.13%.
OUTLOOK
The Asian markets have opened mixed to positive after the Wall Street ended flat, the previous day.
This could instill a regular customary opening in the Indian Stock market, while the intraday moves would be the trend setters However, the dollar index opening at 85.638 off the intraday high at 85.706 now low by 0.08% could help the rupee.
The dollar index is seeing downward pressure since the past five sessions that is helping rupee to sustain momentum. Overall, we anticipate rupee to witness some more upside for the day and finally settle the week on the appreciating side.
