Rupee firms up by 16 paise in early trade | business | Hindustan Times
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Rupee firms up by 16 paise in early trade

business Updated: Oct 17, 2008 12:56 IST

The Indian rupee on Friday rose by 16 paise to 48.67/68 against the greenback in early trade on the Interbank Foreign Exchange (Forex) market here today due to fresh selling of dollars from banks.

In active trade, the domestic currency resumed higher at 48.70/71 a dollar as against 48.83/84 previously and was quoted at 48.67/68 at 1100 hrs.

The US dollar short-term funding costs eased for the fourth day in Asia today, although stress remained in several local markets despite the cash pumped in by governments.

The Bombay Stock Exchange 30-share barometer opened sharply higher at 10,763.34 as against yesterday's closing level of 10,581.49, but moved down afterwards on profit- taking to 10,620.12 at 1045 hrs, still showing a gain of 38.63 points.

Asian markets were mixed as worries about a slowing global economy kept investors on sidelines.

Oil prices rose more than two dollars in Asia today, after falling below 70 dollars for the first time in more than a year, on worries over falling demand, analysts said.