The rupee appreciated by 9 paise to 69.58 against the US dollar on Tuesday ahead of the RBI\u2019s second round of dollar-rupee swap auction.The currency was also buoyed on reports that India has lined up alternate sources to make up for likely shortfall in crude supplies, forex dealers said. Besides, a positive start of the equity markets influenced recovery of the rupee, they added.<\/p>\n\n\n\n
The Reserve Bank of India is set to inject \nlong-term liquidity worth USD 5 billion into the banking system through \ndollar-rupee buy-sell swap for a tenure of three years, the second such \nauction within a month.<\/p>\n\n\n\n
At the Interbank Foreign Exchange market,\n the domestic unit opened higher at 69.63 against the dollar then rose \nfurther to quote at 69.58, up 9 paise over its previous close. According\n to the dealers, the RBI\u2019s dollar-rupee swap auction would help absorb \ndollar inflows that could make the rupee stronger.<\/p>\n\n\n\n
India, the \nsecond biggest buyer of Iranian oil, has lined up alternate sources to \nmake up for the likely shortfall in supplies after the US decided not to\n give waiver from its sanctions for buying oil from the Persian Gulf \nnation, as per the sources. Meanwhile, the BSE Sensex was trading 152.78\n points or 0.40 per cent higher at 38,797.96. The NSE Nifty too rose \n40.35 points, or 0.35 per cent, to 11,634.80.The dollar index, which \ngauges the greenback\u2019s strength against a basket of six currencies, rose\n 0.03 per cent to 97.31.
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