Rupee zooms up 24 paise, Sensex drops 66 pts

sensexSteady on recovery path, the rupee on Thursday went past its three-month high in early trade to 66.95 against the dollar on sustained selling of the American currency by exporters and banks. On November 10 last year, the rupee had closed at 66.63 against the dollar.

Yesterday, the local currency had staged a smart comeback to end at a nearly 3-month high of 67.19 against the US currency, surging by a solid 22 paise. The home currency managed to sidestep the early volatility on Wednesday after RBI’s monetary policy committee maintained a status quo on repo rate amid widespread expectations of a cut.

As far as Sensex is concerned, it opened higher at 28,349.22 and moved in a range of 28,469.48 and 28.184.21. At 1100 hrs, the 30-share barometer was quoted down by 65.75 points, or 0.23 per cent, at 28,224.17.

The NSE 50-share Nifty was down 26.55 points, or 0.30 per cent, at 8,742.50 at 1100 hrs.

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Among the major losers were, Tata Steel 2.01 per cent, ICICI Bank 1.70 per cent, SBIN 1.19 per cent, Maruti 1.04 per cent and Larsen 1.01 per cent.

However, HeroMotoco rose by 1.22 per cent followed by Powergrid 1.22 per cent, Lupin 0.96 per cent, TCS 0.81 per cent and GAIL 0.72 per cent.

Overseas, Asian shares climbed to their highest in more than 18 months early today, as investors grew more confident about China which is the world’s second-largest economy. The Asian markets are trading in green except Nikkei which is down by 0.3 per cent. Shanghai Composite is trading higher by 0.37 per cent, HangSang 0.40 per cent, Straits Times 0.60, Kospi 0.23 per cent and Taiwan 0.41 per cent.

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