Rupee up for a 2nd day on softer commodities, corp dollar inflows

Corporate dollar inflows and a softening in global commodity prices helped the Indian currency, said experts. The rupee bounced back on Wednesday on likely central bank intervention, a day after breaching the 91-mark for the first time.

Agencies

Closes 14 Paise Higher at 90.24

“This resurgent momentum reflects a favourable shift in supply-side dynamics, allowing the local currency to gain,” said Dilip Parmar, an analyst with HDFC Securities. “However, the market remains in a state of flux as investors pivot their attention toward the three major central bank policy announcements and the impending release of US inflation data.”