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Rupee recovers after touching 40-mark

Rupee recovers after touching 40-mark
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First Published: Tue, Apr 22 2008. 11 57 AM IST
Updated: Tue, Apr 22 2008. 11 57 AM IST
PTI
Mumbai: After touching the 40-mark, the Indian rupee recovered by four paise to 39.93/94 against the US dollar in morning trade on the back of fresh capital inflows.
In fairly active trade at the Interbank Foreign Exchange Market (Forex), the domestic unit opened slightly better at 39.95/96 a dollar from previous close of 39.97/98 and improved further to quote at 39.93/94 in late morning deals.
It touched a 40-mark immediately after resumption of trading on the back of dollar buying by oil refiners. “However, dollar selling by exporters at higher levels aided the rupee recovery,” dealers said.
After being positive for the last five successive sessions, the local stock markets showed signs of consolidation at higher levels, expecting more portfolio inflows.
World oil prices held steady in Asian trade today after once again crashing through record highs and as producers warned sky-high values are here to stay.
New York’s main oil futures contract, light sweet crude for delivery in May, fell five cents to 117.43 dollars per barrel. The benchmark contract had struck a new peak in intra day trading of 117.76 dollars yesterday at the New York Mercantile Exchange.
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First Published: Tue, Apr 22 2008. 11 57 AM IST
More Topics: Rupee | Dollar | Exchange Rate | Oil | Money Matters |