MUMBAI (Reuters) - The rupee snapped a four-day slide and rose on Wednesday as higher regional stock markets calmed concerns of capital outflows but month-end dollar demand from importers could check a sharp rise.
At 9:10 a.m. the partially convertible rupee was at 50.35/36 per dollar, above its previous close of 50.43/44.
On Tuesday the Reserve Bank of India cut its key short-term lending and borrowing rates by 25 basis points each and said growth in the fiscal year that began on April 1 would be about 6 percent, its weakest in seven years.
The yen rose across the board on Wednesday as a rebound in the euro and commodity currencies faded, with the market on the watch for clues about the health of the banking system as a key to longer-term direction.
Source : REUTERS INDIA