Indian Rupee Boosted by Increase of Interest Rates
The Indian rupee rose today after the central bank increased the interest rates for the fourth time this year, raising the yield on local assets.
The Reserve Bank of India raised the overnight borrowing rate by 50 basis points on July 27. The yield on the Indian securities maturing in 10 years rose to 7.8 percent. The currency also strengthened as the government plans to sell its shares of Engineers India Ltd.
USD/INR fell to 46.5350 from 46.5370 as of 9:49 GMT today.
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Earlier News About the Indian Rupee:
- Lower Greece's Credit Rating Drives Rupee Down (2010-06-15)
- Indian Rupee Falls as Importers Prefer Dollar (2010-04-07)
- Indian Rupee Sells as Indian Elections End with Uncertainty (2009-05-14)
- Indian Rupee Approaches Recent Record-Low (2009-03-05)
- Rupee to Post Worst Weekly Drop This Year (2009-02-20)