Expectations of fresh capital inflows after overnight US rate cut and firm equity markets boosted the rupee sentiment and the local unit ended higher by 8 paise at 40. A forex dealer said, “Dollar generally becomes weak after rate cut and also dollar dominated assets, hence traders prefer to park their funds in the emerging markets like India. Forex dealers said some dollar buying by importers, mainly oil refiners, pushed the rupee down to 40. The global stock markets were bolstered by Fed rate cut and also by the good performance of top US investment banks, Goldman Sachs and Lehman Brothers. read more
[Tags]markets, 40, forex, rate, rupee, cut, forex news[/Tags]
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