Rupee appreciates by against US dollar

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Posted online: Monday , January 07, 2008 at 00:00 hrs
Updated On: Monday , January 07, 2008 at 11:10 hrs

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The rupee on Monday appreciated by six paisa and was quoted at 39.28/29 against the US dollar in late morning deals on expectations of heavy portfolio investments amid weak Asian equity markets.

In active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit opened stable at 39.33/35 a dollar from Friday's close of 39.34/35 a dollar.

Later, it moved up to 39.28/29 a dollar in late morning deals.

Dealers attributed the rally in the rupee despite weak Asian stock indices, including India, to expectations of heavy allocation of foreign funds on the back of large Initial Public Offerings (IPOs) during this month.

As a result, traders and operators were seemed to be booking profits by selling dollars to buy at lower levels after completion of IPOs.

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Rupee appreciates by against US dollar

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