Rupee inches up on positive equities

The partially convertible Indian rupee rose for the third consecutive day on the Interbank Foreign Exchange on Thursday supported by strong domestic equities.

However, traders expect dollar demand from oil importers could restrict rupee sentiment. Rupee sentiment was further boosted after the government released negative food inflation figures.

At 1.05 pm IST rupee was seen trading at 52.72 per dollar up by 22 paise

The rupee plunged 18% in 2011 making it worst performing currency and touched all time low of 54.30 per dollar in mid December.

The domestic currency is expected to move in a range between Rs 52.70-53.10 per dollar during the session.

Meanwhile, at 1.00 pm IST, BSE was seen trading at 15,964.85 up by 82.21 points or 0.52% points. The 50-share NSE was at 4,775.60 up by 25.95 points or 0.55%.

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