Rupee opens positive at 44.13/15 vs USD

Saturday, March 17, 2007, 11:50 [IST]

Mumbai, Feb 26 (UNI) The rupee today opened higher at 44.13/15 per US dollar as against the the previous day's close of 44.20/21 on fresh selling of dollar by foreign and nationalised banks.

The domestic unit was slightly higher against the dollar supported by strong capital inflows. However, traders braced themselves for central bank intervention to weaken the rupee.

Later, the partially convertible rupee was at 44.18/19 per USD, marginally higher than Friday's close of 44.20/21.

Traders said capital inflows remained strong, boosting sentiment for the local currency. The government expects the foreign direct investment (FDI) in the fiscal year to hit a record USD 12 billion by March-end. Foreign funds have bought almost USD 1 billion of local equities this month.

UNI

Topics: MARKETS-FOREX-OPENING

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