Rupee up against dollar in early trade

February 25, 2009 by Prakash Dhawan
Filed under: Uncategorized 

After remaining weak for two straight sessions, the Indian rupee appreciated by 14 paise against the US currency in early trade on Wednesday on expectations of firm opening of the domestic bourses on the back of recovery in the Asian qeuities, raising hopes of fresh capital inflows by foreign funds.

At the Interbank Foreign Exchange (Forex) market the domestic unit was quoted higher at 49.73 a dollar, a rise of 14 paise over the previous close of 49.87/88.
Forex dealers said hopes of fresh capital inflow from foreign funds in the domestic stock market which may rise in line with other Asian bourses such as Hang Seng and Nikkei supported the Indian rupee.

Also, some dollar selling by banks and exporters at higher levels helped the domestic currency to edge higher. Japan’s Nikkei was up 1.87 per cent, while Hong Kong’s Hang Seng index gained 2.49 per cent in early trade on Wednesday.

 

Tags: , , , , , ,

Comments

2 Comments on Rupee up against dollar in early trade

  1. Robert on Wed, 25th Feb 2009 9:37 pm

    2. great post man..
    keep it up and wright more…

  2. Online Forex Currency Trading on Mon, 2nd Mar 2009 7:56 am

    3. The above information is useful for the forex trading system,thanks to author.
    I have also design aweb site called “IKON ROYAL “,My web site is all about forex trading.

Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

You must be logged in to post a comment.