Rupee opens at 44.22 per US dollar expecting foreign inflow

Saturday, March 17, 2007, 10:26 [IST]

Mumbai, Mar 15 (UNI) The Indian rupee today opened slightly up at 44.22/23 against the dollar as market, which anticipated a recovery in local equities, would attract foreign fund investments, but the Central Bank was keenly watching for any signs of intervention.

Later, the partially convertible rupee movement was at range bound of 44.23 tp 44.28 per dollar in intra-day trades.

A leading trader said,'' The Central Bank bought about USD 2.8 billion in January, in addition to about USD 5 billion in November and December.

India's 30-share index ended 3.5 per cent lower on Wednesday, but the market expects it will recover on Thursday, tracking Asian stocks and currencies, which firmed after a rebound on Wall Street in the previous session.

Foreign investors have moved USD 1.2 billion into local equities in 2007, but are net sellers of USD 63 million so far in March, dealers added.

UNI

Topics: MARKETS--FOREX OPENING

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