Rupee touches 46-month high on foreign fund inflows

Tuesday, 30 March 2004, 08:00 Hrs
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NEW DELHI: The rise in the value of the Indian rupee against the US dollar continued unabated Monday with the local currency touching a new 46-month high on sustained large-scale fund inflows from overseas.

The rupee ended Monday at 44.07/08 against a US dollar, registering a rise of 0.9 percent from its close last weekend.

The Indian currency has appreciated by over three percent in the current calendar year after rising over five percent last year on strong foreign fund inflows.

The latest round of appreciation in the value of the Indian rupee against the US dollar has caused jitters in the exporting community with companies expressing concern about their earnings and competitiveness.

Analysts said the unabated rise in the value of the Indian currency would badly pinch the earnings of industries like software, textile and steel that bring in a majority of their revenue from exports.

Foreign exchange dealers said the rupee is still somewhat undervalued and rising foreign investments in Asia's third-largest economy were expected to keep the rupee firm in the near term.

Source: IANS
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