Rupee scales three-month high against dollar
The surge was due to the dollar's plunge against major Asian currencies, mainly the yen.business Updated: Jan 09, 2006 13:26 IST
The rupee, on Monday,surged to new heights against the American dollar after gaining 25 paise.The new high in three months was driven up by robust FII inflows.Sliding dollar rates overseas are likely to bring in more gains in the near future.
The currency rose tothe new high of Rs44.3125/3225 per dollar following a major plunge of the latter against the Japanese yen.
The trend started last week when therupee appreciated by over 55 paise.
Foreign Institutional Investors pumped in over 400 million US dollarsinto the equity market last week, sending the BSE index to a historic high.
World crude oil prices surged to 64.23 dollarsper barrel in early Asian trade due to hectic demand for heating fuel because of the severe winter conditions.
The Euro was quoted at Rs 53.79/81, Pound Sterling at Rs 78.45/48 and the Japanese Yen (100) Rs 38.86/88.