MUMBAI: The rupee is seen up on Friday as gains in global stock markets may lift foreign buying of local shares, a key driver for the currency last year, but RBI intervention is expected to block sharp gains.
The partially convertible rupee ended at 39.285/295 per dollar on Thursday, a shade softer than Wednesday's close of 39.28/29 but within striking distance of a decade-high of 39.16 hit in November.
Reliance Power is set to raise up to $3 billion in an initial public offer next week, which would be India's biggest-ever IPO, and dealers expect a net of about $1 billion to flow in from foreign funds, which should boost the rupee.
US stocks continued to recover from a poor start to the year on Thursday, helped by assurances of further interest rate cuts by the Federal Reserve.
The partially convertible rupee ended at 39.285/295 per dollar on Thursday, a shade softer than Wednesday's close of 39.28/29 but within striking distance of a decade-high of 39.16 hit in November.
Reliance Power is set to raise up to $3 billion in an initial public offer next week, which would be India's biggest-ever IPO, and dealers expect a net of about $1 billion to flow in from foreign funds, which should boost the rupee.
US stocks continued to recover from a poor start to the year on Thursday, helped by assurances of further interest rate cuts by the Federal Reserve.
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