rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Rupee hits 11-month high; RBI intervention In focus

Rupee hits 11-month high; RBI intervention In focus

May 19, 2014 09:49 IST

The rupee rose to its strongest in 11 months against the dollar on expectations of continued robust foreign buying in domestic shares and debt after the Bharatiya Janata Party swept the country's elections.  

However, traders expect dollar buying from the central bank to limit broader gains in the rupee.  

At 9:04 a.m (0336 GMT), the rupee was trading at 58.49/50 per dollar, after hitting 58.47, its strongest since June 18, 2013.

The pair had closed at 58.79/80 on Friday

Source:
© Copyright 2014 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.