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Inflows may lift rupee
By agencies
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Wednesday, 26 December 2007, 00:42 IST
Mumbai: With the firmer regional stock markets raising hopes of further capital inflows into local stocks, the rupee is seen rising on Monday. However, the gains may be limited by dollar purchases by oil companies.
The partially convertible rupee ended at 39.54/55 per dollar on Thursday, stronger than Wednesday's close of 39.59/60. Markets were closed on Friday as it was a holiday and will be closed again on Tuesday.
Asian shares rose on Monday, lifted by technology and bank stocks after stronger US data calmed fears that the world's top economy was heading into a recession, while the dollar traded near a six-week high against the yen.
The rupee has rallied by about 12 percent against the dollar this year to be among Asia's best performing currencies. Foreign inflows into local stocks have been a key driver of the rupee. Indian shares closed 0.4 percent higher on Thursday.