Rupee at 55.12, fourth consecutive gain today
The rupee appreciated on Thursday, its fourth consecutive daily gain. Asian equities are also up hoping for eurozone bailouts.
The rupee strengthened against the dollar on Thursday, heading early to a fourth consecutive day of gains, on the back of sharply higher Asian equities, while the euro held above two-year lows.
On Thursday morning, the partially convertible rupee was at 55.12/14 per dollar, stronger than its previous close of 55.36/37.
The Morgan Stanley Capital International (MSCI) Asia ex-Japan index was up 1.6 percent, while the NSE index at Singapore Exchange rose 1.1 percent.
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The currency fell as far as 62.56 to the dollar , breaching the previous low of 62.03 hit on Friday.<br /><br />
The rupee fell to a new five-week low after the central bank kept interest rates unchanged, shifting the pressure on the government to take additional steps to revive growth and contain the fiscal deficit.