Mumbai: The partially convertible Indian rupee edged higher on Thursday bolstered by higher Asian stock markets and softer global oil prices.
At 9:09 a.m., the rupee was at 42.95/96 per dollar, stronger than 43.07/08 per dollar at Wednesday’s close. It hit a 15-month low of 43.50 earlier this month.
Asian stocks were boosted after the biggest surge in US bank shares in 16 years and a sharp drop in oil prices eased fears about the global credit crisis spiralling out of control.
oreign funds have sold a net $7.1 billion of Indian shares so far this year, and have contributed to a more than 8% drop in the rupee’s value against the dollar. They bought $17.4 billion in 2007 sending the rupee up by more than 12%.
Oil was trading around $135 a barrel, more than $12 off record highs hit last week.