| Date: |
27-03-2010 |
| Subject: |
Rupee at 18-month high against dollar |
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Mumbai, March 26 The rupee on Friday touched an 18-month high against the dollar, as the US currency came under selling pressure in both local and international markets.
The rupee ended the day at 45.24, the level last seen in September 2008.
Dealers said the dollar's weakness against other major currencies, selling of greenback by corporates and capital inflows into the country helped the rupee gain.
The rupee opened at 45.52 a dollar and ended the day with a gain of 26 paise over its previous close of 45.50.
“The rupee has been moving in the 2-2.5-per cent range for the past 2-3 months. Today's movement is also within that range. We must not read too much into today's gain. Although it is too early to say if it is an inherent strength of the rupee, the continued strength of the equity market, the rising interest rate differential and prospects of economic growth are factors for the appreciation of the rupee,” said Mr Hitendra Dave, Head of Global Markets, HSBC Bank.
Source : Business Line
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