Rupee Grows for Second Day
Indian rupee continued to advance in value during today’s Forex trading session as the investors bought local currency to participate in the Indian stock market’s rally.
The Asian financial markets continued to grow today attracting more traders and spurring the growth of the regional currencies. Rupee also benefits from the tightening monetary policy in U.S. combined with the high interest rates on Indian government bonds.
This two days long rupee’s rally started after the major downfall of the currency, which reached the 5-month low record last week at 40.25 per U.S. dollar.
The inflow of dollars into the national markets moved rupee up — INR/USD went from 39.965 on yesterday’s close to 39.933 earlier today.
With a very fast economic growth India remains one of the most attractive to investments Asian regions. High interest rates and appreciation of the Chinese yuan can make Indian rupee a good high-yielding investment for this year.
February 26th, 2008 at 2:56 pm
All Major currency Kiwi, Aussie,CAD, Yuan & now even the indian rupee is on the rise but only against he USD the USD is on the low end. As inflation and the price of oil remain near $100 the USD will remailn very volitile
February 26th, 2008 at 3:15 pm
Actually Aussie and kiwi grow against the euro too.
February 26th, 2008 at 3:50 pm
Yes I agree a currency can never gain against one currency ad remain the same for another major currency