Rupee becomes strong near one-week highs
 
Submitted by sridevi on Sat, 04/25/2009 - 11:17

24 April, 2009

The rupee was close to its one-week highs, sentiments supported by the dollar's weakness against major currencies regardless of demand from local oil refiners.

The rupee was at 49.86 against the dollar at 3:30 pm, up from the previous close of 49.92. The current level is around4.5% above its record low of 52.20 hit in early March.

The yen touched its highest level in around four weeks against the dollar on Friday, mostly driven by the unwinding of carry positions. The euro also rose against the dollar data once again and showed some signs of improvement in the eurozone economy.

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