The Indian Rupee appreciated by 0.5 percent yesterday on account of persistent selling of the greenback by exporters and banks amid sustained capital inflows. Moreover, RBI has given permission to the Indian corporates to raise funds from overseas market in rupee denominated bonds having some limited end use restrictions with a minimum maturity of five years. Domestic equities markets ended on a positive note after the Indian Central Bank in its fourth bi-monthly monetary policy review cut interest rates by 50 basis points which were followed by several banks announcing a cut in their base rates. This acted as a positive factor for both Indian markets and its currency. The currency made an intraday high of 65.47 and closed at 65.51 on Wednesday.
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The BSE Sensex opened 128.39 points, up at 26,653.85, while Nifty 50 index opened 35.90 points up at 8,176.65. For regular market updates join Epic Research.
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