Thursday, 5 December 2013 00:05
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Reuters: The rupee edged up to a more than five-week high on Wednesday, helped by bond buying from foreigners and high inward remittances from expatriates for their families ahead of Christmas and the New Year, dealers said.
The spot rupee closed at 130.83/88 per dollar, its highest since 25 October and slightly firmer than Tuesday’s 130.85/95.
It has gained nearly 0.3% in four straight sessions.
Dealers said remittances and foreign buying in rupee bonds aided the gains.
Central Bank Governor Ajith Nivard Cabraal said on Tuesday that the rupee was seen steady at current levels with most inflows being remittances.
Cabraal had told Reuters earlier that the Central Bank would intervene to keep the rupee stable if there was excess volatility after it hit a seven-week low on importer dollar demand despite intervention by State banks.
The rupee has gained 3.32% since it hit a record low of 135.20 on 28 August.
