Rupee appreciates against dollar

Agencies
Posted: 2008-01-18 10:10:46+05:30 IST
Updated: Jan 18, 2008 at 1026 hrs IST

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The rupee on Friday appreciated after a weak start and was quoted marginally higher against the US currency in late morning deals amid weakness in Asian equity markets and fresh dollar demand from banks.

Attributing demand for greenback to being reported on Friday, dealers said the local currency bounced after resuming lower at 39.35/37 a dollar due to dollar selling triggered by indications that the US central bank was willing to cut the benchmark Fed funds rate aggressively this month.

In dull trade at the Interbank Foreign Exchange (forex) market, the rupee resumed lower at 39.35/37 from last close of 39.3050/3150 but later recovered smartly to 39.29/30 a dollar in late morning deals.

The US unit was near two-year low against Japanese yen in overseas markets.

Easing global crude oil prices and fears of a possible recession in the US boosted the rupee sentiment, they added.

Meanwhile, Asian indices were substantially down in the morning trade while Indian benchmark Sensex tumbled by 255 points in late morning trade.

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Rupee appreciates against dollar

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