Recovering from a lifetime low at the closing of the previous session, the rupee recovered on Wednesday, since gains in other Asian peers and stronger domestic shares assisted market sentiment, while the announcement of the first open market bond buys for October aided bonds.
At 9:15 am, the partially convertible rupee was trading at 74.26/27 for each dollar in contrary to Tuesday’s close of 74.41, which was an all-time low.
According to reports, the government is in view of tapping its people abroad to uphold the rupee.
The central bank, in a statement, said that it would purchase Rs. 12,000 crore worth of bonds by means of an open market operation on 11th October.
Meanwhile, the benchmark equity indices extended their gains in trade after a positive opening on Wednesday’s session.
At 9:54 am, the 30-share Sensex traded high at 238.83 points or 0.70% to 34,538.30, and the Nifty50 of the NSE index was at 10,378.80, up 77.75 points or 77.75%.