Rupee at three-week high; budget, GDP data awaited
Posted on: 10:31 AM IST Feb 28, 2013
Mumbai: The rupee rises to 53.59/60 in opening trade, its highest since February 8 and weaker compared with its close of 53.86/87 on Wednesday. Traders say a risk-on mood globally pushing the dollar lower, while market is also hopeful for a fiscally disciplined budget.
Asian shares and other risk assets rise as sentiment improves after US Federal Reserve Chairman Ben Bernanke reaffirms his commitment to strong stimulus, while a smooth debt sale calms fears over Italy's political turmoil.
Traders expect good support for the dollar around 53.55 levels, while month-end dollar demand from oil firms may also aid.