Business Daily from THE HINDU group of publications
Thursday, Nov 27, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Thursday, Nov 27, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Forex Rupee gains on dollar inflows 
Mumbai, Nov. 26 The rupee gained for the second day in a row on dollar inflows. Part of the inflows may have been on account of Japanese firm NTT DoCoMo bringing in funds for the stake it picked up in Tele Teleservices, said forex dealers. The gains in the stock market in the second half of the day also helped the rupee to appreciate. The domestic currency opened at 49.80/85 and soon touched 50 on dollar demand. The dollar sell-off which followed soon after and the gains by the stock mark et helped the rupee to touch the day’s high of 49.27. But this was followed by dollar buying by importers which led to some depreciation and the rupee ended trade at 49.50, about 44 paise higher from the previous close of 49.94/96. Some amount of dollar inflows also came in from hedge funds, which also added to the rupee’s gains, said a forex dealer with a private bank. In the overseas market the dollar was initially weak against other currencies and then later on it remained range-bound, the dealer said. — Our Bureau More Stories on : Forex
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