MUMBAI: The rupee moved towards a decade high on Monday, with the markets expecting equity-related capital inflows tracking gains in Asian markets, but central bank intervention is likely to limit gains, dealers said.
At 9:05 am, the partially convertible rupee at 39.34/35 per dollar, inching up from the previous finish of 39.35/36 per dollar.
It hit 39.16 in November, its highest in 10 years.
Dealers said that signs were positive for the rupee, gaining cues from China's stock market that opened sharply higher on Monday, in response to signs that the government was finally taking action to halt a slide in share prices.
Still, with the the Reserve Bank of India widely seen as playing an active role in limiting the rupee, dealers were circumspect about building large positions in the local unit.
At 9:05 am, the partially convertible rupee at 39.34/35 per dollar, inching up from the previous finish of 39.35/36 per dollar.
It hit 39.16 in November, its highest in 10 years.
Dealers said that signs were positive for the rupee, gaining cues from China's stock market that opened sharply higher on Monday, in response to signs that the government was finally taking action to halt a slide in share prices.
Still, with the the Reserve Bank of India widely seen as playing an active role in limiting the rupee, dealers were circumspect about building large positions in the local unit.
No comments:
Post a Comment