Rupee up against dollar in early trade
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.
Philippines receives $73-million US environment grant
Representatives of both governments yesterday signed an “affirmation of commitment” for the bilateral assistance agreement in Malacañan Palace.
Under the agreement, the United States Agency for International Development will support efforts to conserve biodiversity and sustainably manage natural resources; promote clean and renewable energy; mitigate and adapt to the effects of climate change; and improve access to water and sanitation services.
The agreement will be implemented in partnership with the National Economic and Development Authority (NEDA); the Energy Regulatory Commission; as well as the Agriculture, Energy, Finance, and Environment and Natural Resources departments.
Socioeconomic Planning Secretary Ralph G. Recto said the funds would be used to support projects in local governments, particularly the poorest provinces in Mindanao. “Among the new activities that will be rolled out in 2009, we anticipate a new clean/renewable energy contract, a new rural electrification grant, and two new biodiversity conservation grants,” Mr. Recto told reporters.
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