Rupee surges 31 paise against US dollar; Sensex rises too

New Delhi, Aug 12: The BSE benchmark Sensex today gained 162 points on Monday on buying by funds and retailers ahead of industrial output data amid recovery in the rupee.The 30-share barometer rose by 162.65
rupee surges 31 paise against us dollar sensex...
PTI 12 Aug 2013, 11:55 AM IST
New Delhi, Aug 12: The BSE benchmark Sensex today gained 162 points on Monday on buying by funds and retailers ahead of industrial output data amid recovery in the rupee.



The 30-share barometer rose by 162.65 points, or 0.86 per cent, to 18,951.99 points in early trade.

Healthcare, metal, consumer durables, auto and capital goods stocks were major gainers. The index had gained 124.46 points in the previous session on Thursday. The market remained closed on Friday on account of ‘Eid-ul-Fitr'.

The wide-based National Stock Exchange index Nifty moved up by 45.00 points, or 0.80 per cent, to 5,610.65.

Brokers said increased buying by participants ahead of industrial production (IIP) data to be released later today mainly influenced the trading sentiments.

Besides, further recovery in the rupee against the dollar on the back of more measures announced by RBI also supported the uptrend.

In the Asian region, Hong Kong's Hang Seng rose by 1.81 per cent, while Japan's Nikkei was down by 0.32 per cent in early trade.

The rupee today gained 31 paise to trade at 60.57 against dollar on increased selling of the US currency by banks after RBI announced more measures to support the domestic currency.

Dealers said selling of the American currency by banks and exporters and firm stock markets supported the rupee.

The Reserve Bank on Friday announced that it will sell government bonds worth Rs 22,000 crore every Monday to check volatility in the forex market.

Analysts had said that people who have long positions on the dollar may take a hit due to RBI measures as liquidity is expected to go out of the system.

The rupee had gained 42 paise to close at 60.88 against the US currency in the previous session on Friday. Forex market remained closed on Friday for ‘EId-ul-Fitr'.
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