The Indian rupee rose to a a lot more than 11-week high Friday on the back of heavy dollar inflows from Indian companies and tracking increasing global risk appetite.
The dollar was trading at INR49.31 late Friday in Asia--its lowest level since Nov. 8--and down from INR50.09 late Wednesday.
Indian bonds and currency markets were closed Thursday for the public holiday.
The rupee rose sharply at open to consider gains inside the euro and other risk-sensitive currencies over the previous two sessions following the U.S. Federal Reserve's announcement earlier within the week that it plans to carry rates exceptionally low until at least late 2014.
During trading hours, the rupee pushed higher on the back of heavy dollar inflows from Indian companies.
Most analysts are, however, unconvinced that the recent advances signal a reversal of the bearish trend as India faces problems such as slowing economic growth including a widening current account deficit.
The dollar was trading at INR49.31 late Friday in Asia--its lowest level since Nov. 8--and down from INR50.09 late Wednesday.
Indian bonds and currency markets were closed Thursday for the public holiday.
The rupee rose sharply at open to consider gains inside the euro and other risk-sensitive currencies over the previous two sessions following the U.S. Federal Reserve's announcement earlier within the week that it plans to carry rates exceptionally low until at least late 2014.
During trading hours, the rupee pushed higher on the back of heavy dollar inflows from Indian companies.
Most analysts are, however, unconvinced that the recent advances signal a reversal of the bearish trend as India faces problems such as slowing economic growth including a widening current account deficit.
