Rupee free fall, Sensex up 407

Aug 23, 2013 |

Age Correspondent

While the US Federal Reserve’s hints about moderating its multi-billion-dollar asset purchase programme hammered down the rupee to a record low on Thursday, upbeat manufacturing data from China and the Eurozone region triggered a strong rally in metal sector stocks, that helped equity markets snap their four-day losing streak.

The rupee fell to a lifetime low of 65.56 to the dollar in intra-day trade before ending at 64.55 per dollar, on its sixth straight session of decline.
Reversing direction, the BSE’s Sensex surged 407.03 points (2.27 per cent) to end the day at 18,312.94, while the Nifty gained 105.90 points (2 per cent) to end at 5,408.45. Fitch Ratings said Thursday foreign exchange reserves remained higher than the short-term residual maturity debt, and ruled out any rating action at this point.

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