The Troubled Rupee
RBI likely sold dollars after rupee hit record low of 59.93 - dealers
The Reserve Bank of India (RBI) likely sold dollars via state-run banks after the rupee slid to a record low on Thursday, several dealers said, as fears of foreign outflows from India are roiling domestic bond and stock markets. Full Article | Related Story
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Rupee at three-week high; budget, GDP data awaited
A shopkeeper counts currency notes inside his shop in Jammu July 14, 2010.
Credit: Reuters/Mukesh Gupta/Files
Reuters Market Eye - The rupee rises to 53.59/60 in opening trade, its highest since February 8 and weaker compared with its close of 53.86/87 on Wednesday.
Traders say a risk-on mood globally pushing the dollar lower, while market is also hopeful for a fiscally disciplined budget.
Asian shares and other risk assets rise as sentiment improves after U.S. Federal Reserve Chairman Ben Bernanke reaffirms his commitment to strong stimulus, while a smooth debt sale calms fears over Italy's political turmoil.
Traders expect good support for the dollar around 53.55 levels, while month-end dollar demand from oil firms may also aid.
(Reporting by Swati Bhat)
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