Rupee moves at two-week high at 42.15 against USD

Mumbai, June 2: Rupee rose to a two-week high at 42.15 against US Dollar after the Reserve Bank extended the limits of external commercial borrowing and assured the oil refineries to provide foreign excchange.

The Indian currency opened the day at 42.22/23 per Dollar, appreciated by about 24 paise from its previous close of 42.46/47 per Dollar after the central bank reportedly assured that it would provide foreign exchange to oil refiners, which would reduce Dollar demand in the currency market, dealers said.

After the market closed on Friday, the central bank said it would conduct open market operations in the secondary market in oil bonds held by state-run oil companies to provide liquidity to crude refiners, as per report.

UNI