Business Daily from THE HINDU group of publications
Thursday, Dec 06, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Dec 06, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Rupee weaker by 7 paise Mumbai, Dec. 5 The rupee weakened by seven paise against the greenback on Wednesday on dollar buying by some foreign banks. The home currency opened at 39.42/43 and closed at 39.4950, down from the previous close of 39.42/43. Foreign exchange dealers, however, said that the rupee would strengthen further as traders would build positions in anticipation of the US Federal Reserve reducing interest rates at its meeting on December 11. “If they reduce interest rates, then the rate diff erential between the two countries would widen which would enhance the dollar flows into the country, thereby strengthening the rupee,” said a dealer with a private bank. In forwards, the six-month premium closed at 1.45 per cent (1.34 per cent) and the 12-month at 1.11 per cent (1.07 per cent). Our Bureau More Stories on : Forex
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