Rupee mounts as dollar, oil loosen up
Dollar's overseas weakness and easing of global oil prices is expected to mount Indian rupee.india Updated: Sep 04, 2006 09:08 IST
The Indian rupee is expected to rise on Monday, helped by the dollar's overseas weakness and easing global oil prices.
A central bank panel's roadmap for fuller rupee convertibility, released late on Friday, is unlikely to have an impact on the rupee, traders said.
The partially convertible rupee ended Friday at 46.5150/5250 against the dollar, marginally higher than the previous close of 46.53/54 and 0.07 percent firmer for the week.
Foreign funds have bought more than $1 billion worth of Indian equities in August, higher than $290 million in June and $229 million in July. They have pumped about $3.85 billion into local stocks so far this year.
Oil prices were below $70 a barrel. India imports about 70 percent of its oil and lower prices ease downward pressure on the rupee.