02 April,2009 10:16 AM IST | | Agencies
Continuing its firmness, the Indian rupee appreciated by another 38 paise to 50.32 against the US currency in opening trade today on hopes of increased capital inflows by foreign funds as domestic bourses are expected to open notably higher.
Weaker dollar also supported the Indian currency. At the Interbank Foreign Exchange (Forex) market, the domestic unit was quoted higher at 50.32 a dollar, up by 38 paise over the previous close of 50.70/71.
Dealers said weaker dollar overseas and firming Asian stock markets, which raised hopes of increased capital inflows by foreign funds into the domestic stock markets, mainly supported the rupee. The rupee ended 48 paise higher at 50.70/71 on Tuesday against the USD.
The currency market was closed yesterday for annual book closing of banks. Meanwhile, Japan's Nikkei was up by almost four per cent, while Hong Kong's Hang Seng surged 4.5 per cent in early trade today.
