Rupee hits 19-month high against dollar

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SME Times News Bureau | 30 Mar, 2010
The domestic currency has gained 26 paise, strengthened to a near 19-month high on Monday, in line with other firming currencies amid increased capital inflows by foreign funds into the stock markets.

The partially convertible rupee ended at 44.9575/9675 per dollar, after hitting 44.9450, its strongest since Sept 10, 2008 and 0.6 percent stronger than its close of 45.23/24 on Friday.

At the Interbank Foreign Exchange (Forex) market, the rupee strengthened by 13 paise to 45.10 a dollar.

Dealers said the rupee strengthened against the US currency largely in line with other firming Asian currencies and dollar selling by banks and exporters.

Besides, more capital inflows by foreign funds into the equity markets also supported the rupee, they added.