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Rupee gains on Asian currencies, stocks

Rupee gains on Asian currencies, stocks
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First Published: Mon, Dec 24 2007. 10 25 AM IST
Updated: Mon, Dec 24 2007. 10 25 AM IST
Reuters
Mumbai: The rupee strengthened past 39.50 a dollar on Monday, 24 December, on stronger regional currencies and stock markets in trade thinned by year-end holidays.
At 9:15am, the partially convertible rupee was at 39.47/48, up from the last close of 39.54/55. Markets were closed Friday for a holiday and will close again on Tuesday.
“Dollar/rupee should largely trade in a range of 39.40-39.55 for the day, and trading activity has been very thin so far,” said Agam Gupta, head of currency dealing at Standard Chartered Bank.
Asian shares rose on Monday, lifted by technology and bank stocks after stronger-than-expected US data calmed fears the world’s top economy was heading into a recession, while the dollar traded near a six-week high against the yen.
India’s stock market rose 2% in opening deals.
The rupee has rallied by about 12% against the dollar this year to be among Asia’s best performing currencies.
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First Published: Mon, Dec 24 2007. 10 25 AM IST