Rupee climbs off 6-month low

Rupee climbs off 6-month low
Comment E-mail Print Share
First Published: Tue, Mar 18 2008. 10 05 AM IST
Updated: Tue, Mar 18 2008. 10 05 AM IST
By Reuters
Mumbai: The Indian rupee climbed in early deals on 18 March, pushed higher by banks buying the local unit for foreigners investing in the local stock market, dealers said.
At 9:16 a.m., the partially convertible rupee was trading at 40.64/65 per dollar, stronger than its close of 40.72/73 on 17 March, a session where it hit its lowest level since September.
India’s benchmark share index dropped 6% on 17 March, mirroring markets across Asia, which fell on news of an emergency U.S. Federal Reserve discount rate cut and the distress sale of investment bank Bear Stearns.
Inflows of foreign capital are a key driver of the rupee, and inflows of $17.4 billion into the local stock market caused it to appreciate more than 12% against the dollar in 2007.
Comment E-mail Print Share
First Published: Tue, Mar 18 2008. 10 05 AM IST
More Topics: Markets | India | Rupee | Dollar | Money Matters |