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  • The Indian Rupee soared to a seven month high near 69 per US dollar today as domestic stocks nudged higher in early trade on positive Asian stocks.Key benchmark indices extended early gains and hit intraday high in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 242.55 points or 0.64% at 37,997.44. The Nifty 50 index was up 75.25 points or 0.66% at 11,418.50. The Sensex was currently trading a tad below the psychological 38,000 level after hitting an intraday high above that level in morning trade. The S&P BSE Mid-Cap index was up 0.41%. The S&P BSE Small-Cap index was up 0.38%. The market breadth, indicating the overall health of the market, was strong. On the BSE, 1233 shares rose and 741 shares fell. A total of 116 shares were unchanged.

    The Reserve Bank of India said this week that it is using a new tool to enhance liquidity in the system through which it would buy as much as $5 billion from the banks in a swap deal that could inject nearly 35,000 crores into the system. Banks would be required to park dollar funds with RBI with a deal to buy it back from the RBI after three years. This has pushed up the INR sharply this week after a break under key 70 per US dollar level.

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