Rupee Ends 10-Week High At 50.05 Per Dollar; May Touch 49.20 In Coming Sessions
Mumbai
The rupee rose on Monday to hit its highest level in ten weeks aided by dollar flows, which helped the currency navigate the impact of choppy local shares and demand from oil refiners.
The rupee ended 50.09/10 to the dollar, 0.5 percent stronger than Friday’s close of 50.32/33. It touched a high of 50.05 earlier, a level last seen Nov. 14.
Many traders believe the rupee may gain more ground in the coming days and rise to around 49.20 as fears of a meltdown in the euro zone ease and policymakers in Asia’s third-largest economy look to boost faltering growth.
After market hours, the central bank said in a report that exchange rate pressures have reduced somewhat following the revival of equity flows in Jan.
The Reserve Bank of India will review its policy on Tuesday, where it is widely expected to underline growth worries and hold repo rate steady, a Reuters poll showed last week.
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