Business Daily from THE HINDU group of publications
Thursday, Nov 29, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Nov 29, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Rupee tad weaker Mumbai, Nov. 28 The rupee slightly fell against the dollar on Wednesday, on oil-related dollar demand. The currency opened at 39.75 and rose to 39.65/66 during the day. It, however, declinedted to close at 39.80. Dealers said that exporter selling caused the rupee to gain during the day. However, strong demand for dollars from oil importers caused the rupee to plunge. Nationalised banks were also seen buying dollars, possibly on behalf of the Reserve Bank of India. "Traders believe that the RBI may have been intervening as they expect strong dollar inflows in December. Inflows into India are expected to rise as interest rates ease in the US," said a dealer at a private bank. In forwards, the 6 month closed at 1.06 per cent (1.02) and the 12 month at 0.91 per cent (0.84 per cent). - Our Bureau
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