Business Daily from THE HINDU group of publications
Thursday, Oct 15, 2009
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Business Daily from THE HINDU group of publications Thursday, Oct 15, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Forex Money & Banking - Outlook Markets - Foreign Institutional Investors Our Bureau Mumbai, Oct. 14 The rupee gained 35 paise against the dollar on Wednesday and came very close to breaching the 46 level, on the back of sustained FII inflows. The domestic currency opened with a positive gap at 46.28 and rose to touch an intra-day high of 46.02. It closed at 46.13, against Monday’s close of 46.48/49. These levels were last seen in September 2008. Traders said Reserve Bank of India intervened at 46.10 levels and sold dollars. RBI intervened to check the rupee’s volatility rather than to reverse its gains, said a dealer with a public sector bank. FII inflows and the buoyant equity market helped the rupee strengthen against the greenback, said dealers. According to data put on SEBI’s Web site, FIIs invested around $1 billion in the equity markets in October. FIIs have so far invested around $13 billion in the equity markets from January this year. Dealers expect the rupee to touch 45.50 by the end of this week. Appreciating rupee: Fool’s gold? Rupee futures to trend lower More Stories on : Forex | Outlook | Foreign Institutional Investors
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