The rupee surged up sharply against the US dollar and managed to touch a new nine-year high of 40.55/56 on fresh dollar selling, provoked by China’s decision to revise the Yuan as well as strong equity markets. The rupee started weak at 40.74/76 to a dollar at the interbank foreign exchange (forex) market, but managed to surge up to a fresh nine-year high of 40.55/56 to a dollar in late morning deals, however, it ended the day at 40.70/71 per dollar. Forex dealers opine that the rupee rallied sharply as anticipated in response to China’s decision to widen the trading band on the Yuan and to eventually raise domestic interest rates.
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Source: IIPM Editorial, 2006
An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative
Source: IIPM Editorial, 2006
An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative
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