Rupee appreciated in the foreign currency exchange market after the Greece completed the deal with Private Institutional lenders to raise euro 130 billion. As per the plan, the fund will be utilized to pay for bond redemption which is on due on March 20, 2012.
The deal will reduce Greece’s debt to 121% of GDP by 2020 from the present 160% of GDP. Private sector holders of Greek debt are anticipated to afford losses up to 53.5% on the nominal value of the bonds, which will help Greece to reduce debt by 100 million euros,
As soon as the Greece debt deal completion reached the market, euro was escalated by pushing down dollar in the overseas market, which has helped rupee to trade on positive territory. Rupee was up 19 paise to Rs.49.08 per dollar at 11:34 hrs on the interbank foreign exchange trade.
Besides, the persistent inflow of dollar in the equity market has increased demand for rupee in the global market.
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