| Date: |
03-11-2008 |
| Subject: |
Export growth plunges to 10.4 pc on global slowdown |
|
Rupee strengthened to its highest in a week on Oct 31 against the greenback on
the back of sharp rise in equity markets and expectations of fresh capital
inflows after slashing of interest rates by US Federal Reserve. Rupee ended at
49.44/46 per dollar, its strongest since October 22, and 0.5 per cent above
Wednesday''s close. The market was shut on Thursday for a local
holiday.
In active trade at the Interbank Foreign Exchange (Forex)
market, the domestic unit resumed strong at 49.45/47 and moved up further to
quote at 49.34/35 a dollar in late morning deals from previous close of
49.67/68. It moved in a range of 49.52 and 49.29 a dollar. According to forex
dealers, the rupee got support from sharp rise in Indian benchmark sensex, which
was up by 756 points or 8.36 per cent at 1030 hrs.
They also expect fresh
inflows from foreign funds after cutting of key interest rates by 50 basis
points by the US Federal Reserve. In New York yesterday, the Dow Jones
Industrial Average and the Nasdaq Composite Index ended higher while Asian
indices were quoting mixed this morning. Lack of any dollar buying by oil
refiners and importers also helped the rupee surge. Global crude oil was quoting
lower at nearly USD 64 a barrel in Asian trade today.
Source :
Indian-commodity
|