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Rupee posts biggest weekly gain since Dec

Rupee posts biggest weekly gain since Dec
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First Published: Fri, Mar 20 2009. 09 45 PM IST
Updated: Fri, Mar 20 2009. 09 45 PM IST
Mumbai: The rupee completed the biggest weekly gain since December on speculation sliding US bond rates will spur global investors to seek higher-yielding emerging market assets. The Federal Reserve had said on 18 March it willpurchase $1 trillion (around Rs50 trillion) of debt.
The rupee touched the month’s high on Friday, up 1.7% this week to 50.645 per dollar. It earlier touched 50.03, the strongest since 26 February.
The rupee pared the week’s gains on Friday on concern refiners will increase dollar purchases after crude oil rose above $50 per barrel, approaching almost a four-month high.
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First Published: Fri, Mar 20 2009. 09 45 PM IST
More Topics: Rupee | Markets | India | Dollar | Currency |