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Rupee, stocks rebound
The Indian rupee rose on Sunday following hefty gains in the stock market, but traders were wary on demand for dollars from importers and oil refiners.
- Agencies
- Published: 23:28 October 13, 2008
Mumbai: The Indian rupee rose on Sunday following hefty gains in the stock market, but traders were wary on demand for dollars from importers and oil refiners.
The partially convertible rupee ended at 48.25/27 per dollar, off a high of 48, but 0.3 per cent stronger than 48.38/43 at close on Friday.
"The rupee's rise was more because of the sentiment arising out of the equity market and the finance minister's statement," said V. Kumar, chief dealer with State Bank of Travancore.
India is working on more measures to improve liquidity and the country will respond swiftly depending on the needs of the situation, Finance Minister Palaniappan Chidambaram said yesterday.
Kumar said the rupee's rise could be shortlived and cited its inability to break past 48 to the dollar.
Meanwhile, India's main share index snap-ped a five-day losing run and rose 7.4 per cent, its biggest gain in more than four years, as the government sought to reassure investors it was working to shield India from the global financial crisis.
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