Rupee inches up on positive Asian cues, tight cash

Rupee inches up on positive Asian cues, tight cash
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First Published: Tue, Feb 26 2008. 09 30 AM IST
Updated: Tue, Feb 26 2008. 09 30 AM IST
Mumbai: The rupee rose against the dollar on Tuesday, with dealers selling holdings of the US currency to tide over tight cash conditions in the banking system, and on positive cues from Asian equity markets.
At 9:10 am, the partially convertible rupee was at 39.94/95 per dollar, strengthening from the previous close of 39.965/975. It fell to a five-month low of 40.25 last week.
Asian shares extended gains on Tuesday, with Japan and South Korea hitting multi-week highs, on hopes that US bond insurers will keep their top credit ratings, but plenty of caution remained in a region that has suffered heavy losses.
Overnight call money rates , a barometer of cash conditions, continued to hover above 8%, compared with about 6% when cash is adequate.
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First Published: Tue, Feb 26 2008. 09 30 AM IST
More Topics: Markets | India | Rupee | Dollar | Money Matters |