Rupee rises tracking firmer Asian stocks

Rupee rises tracking firmer Asian stocks

Mumbai: The Indian rupee opened firmer on Friday, tracking gains in regional stock markets which are likely to boost inflows into local stocks, but higher oil prices are likely to keep pressure on the local unit.

At 9:15 am, the partially convertible rupee was at Rs46.31/35 per dollar, stronger than its previous close of Rs46.42/43.

Asian stocks and the US dollar rallied on Friday as US policymakers met to design a broad plan to resolve a crisis that has threatened the global financial system and reshaped the banking industry.

Dealers said a stronger dollar overseas and higher oil prices also affected sentiment for the rupee.

Oil rose for a third day on Friday, edging above $98 a barrel on growing US and Nigerian supply concerns.