Indian rupee stronger on firm Asian stocks

Indian rupee stronger on firm Asian stocks
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First Published: Fri, Aug 29 2008. 10 46 AM IST
Updated: Fri, Aug 29 2008. 10 46 AM IST
Mumbai: The Indian rupee inched up aided by firmer Asian stock markets, but a firm dollar overseas and higher oil prices are likely to maintain some pressure on the currency.
The partially convertible rupee was at 43.75/76 per dollar, slightly higher than 43.78/79 at close yesterday. It had hit a 17-month low of 44.26 earlier in the week.
The dollar held firm against a basket of currencies, consolidating gains made yesterday after data showed the US economy grew at a faster pace than initially thought during the second quarter.
Dealers said that the rupee was likely to trade in a wide range of 43.68 to 43.88 through the day, tracking global stock markets but higher oil prices may curb sharp gains.
Asian stocks rallied today, led by industrial companies and exporters, after a big upward revision to second-quarter US economic growth boosted the outlook for demand.
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First Published: Fri, Aug 29 2008. 10 46 AM IST
More Topics: Markets | India | Rupee | Stocks | Dollar |