Topic: Forex News - Rupee recovers sharply by 32 paise - Hindu
May 30th, 2008 by Tony
Mumbai (PTI) The Indian rupee on Friday recovered by 32 paise to close at near two-week high of 42. Relaxation of overseas borrowing norms by the government which made it easier for local companies to raise external commercial borrowings (ECBs) mainly pushed the rupee upwards, dealers said. Global crude oil prices fell near USD 126 a barrel from record peak of above USD 135 a barrel last week and this led to a mild demand for dollar from oil refiners. Strong GDP growth rate of 9 per cent for 2007-08 also boosted the rupee sentiment, expecting more capital inflows in near future. read more
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