Business Daily from THE HINDU group of publications
Tuesday, Apr 17, 2007
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Business Daily from THE HINDU group of publications Tuesday, Apr 17, 2007 ePaper |
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Forex Industry & Economy - Economy Money & Banking - Forex 9-yr high: Re ends at 41.90 on strong capital inflows Our Bureau
Mumbai April 16 The rupee breached the psychological level of 42 and surged to a near nine-year high of 41.90/91 on Monday on strong capital inflows and the Reserve Bank of India's absence in the forex market. It strengthened by about 60 paise against the dollar from its previous close of 42.51/52 on Friday. It also touched an intra-day high of 41.85 as was last seen around June 1998. The RBI usually buys dollars with rupees through public sector banks to rein in a rising rupee. The central bank's absence suggests its reluctance to add to the sum of rupees in the system and add to inflation, say dealers. "In the medium term, the trend for rupee, in the absence of RBI, is positive. It is likely to trade in the volatile range of 41-42.25,'' said Mr Ravi Pai, Head-Forex and Derivatives, HDFC Bank. The RBI's absence after March got exporters to sell dollars as they were unsure of the rupee-dollar parity. FIIs invested over $2 billion in the equities and $371.1 million in debt market since January .
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