Indian rupee seen steady, stocks eyed
The Indian rupee is expected to stay near one - month highs on Wednesday, with investors watching the stock market for clues on foreign investor appetite.india Updated: Apr 15, 2009 09:23 IST
The Indian rupee is expected to stay near one - month highs on Wednesday, with investors watching the stock market for clues on foreign investor appetite.
The partially convertible rupee ended at 49.88/90 per dollar on Monday, off an early high of 49.83, its strongest since Feb. 25, and above Thursday's close of 50.00/02.
The currency market was shut on Friday and Tuesday for holidays. Foreign capital is a key driver of the rupee. Foreigners are buyers of more than $400 million of local equities in April, but remain net sellers of about $1.2 billion in 2009, on top of more than $13 billion sale in the previous year.
Stocks rose 1.5 percent on Monday, extending their winning streak to seven days for the first time in 1- years. The yen and the dollar inched up on Wednesday as optimism about a global economy recovery ebbed after weaker-than-expected US economic data, stemming demand for other currencies.