Business Standard

Rupee opens stronger on dollar inflows

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Reuters Mumbai

The rupee opened stronger early on Wednesday, riding on a wave of strong dollar flows into local debt and equities.

* Recent measures by the government to raise the ceiling on foreign investment in debt and higher interest rates on deposits by non-resident Indians are helping the rupee, traders said.

* A government decision on Tuesday to raise the import duty on gold and silver would also help the currency, traders said.

* At 9 am, the rupee opened at 50.70 to the dollar. It closed up 1.24% on Tuesday at 50.73/74 after hitting a two-month high of 50.70 during trade.

 

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First Published: Jan 18 2012 | 12:00 AM IST

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