Persistent inflow of foreign fund has sent Rupee to trade at two and half month high on the interbank foreign exchange trade. Besides, the greenback of six currencies movement tracking dollar index were depreciated to 79.17 in ahead of US growth data, which is in due today.
Euro climbed up in the foreign exchange market following the slump in dollar trade. The announcement of Federal Reserve to keep the interest rate at the same level till 2014 had increased risk appetite for financial stocks of developing countries amid foreign investors.
Foreign investors pooled lump sum of money in Indian market to use the opportunity to buy many blue-chip stocks, which is available at cheap rate after the economic slow down fear pushed down the stock to trade lower.
A recent announcement from Indian Government to allow foreign individuals to access Indian capital market had attracted the attention of foreign investors towards Indian market. So far in this month, Foreign investors had pooled $1.54 billion of fund in Indian capital market.
During the early trade, Rupee appreciated 72 paise to Rs.49.36 per dollar in the foreign exchange market on the back of green trade in the stock market
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