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Indian rupee rises to 2 month high
October 18, 2013, 9:23 am

India is trying to woo foreign investors back after capital flight and currency devaluation [AP]

Forex dealers said sustained capital inflows from foreign funds have boosted the value of the rupee against the dollar [AP]

India’s currency hit a two-month high of 60.92 against the US dollar on Friday on persistent selling of the dollar by banks and exporters.

Sustained capital inflows from foreign funds in view of a strong domestic market mainly boosted the value of the rupee against the dollar, said forex dealers.

The rupee resumed higher at 61.19 per dollar against the last closing level of 61.23 at the Interbank Foreign Exchange (Forex) Market.

It firmed up further to a two-month high of 60.92 per dollar before quoting 61.01 per dollar at 10:50 am, showing a gain of 22 paise from its last close.

It moved in a range of 60.92 and 61.20 per dollar during the morning deals.

Meanwhile, the Indian benchmark BSE Sensex rose by 297.70 points or 1.46 per cent to 20,713.21 on Friday morning.

In the New York market, the dollar fell yesterday as US lawmakers reached a deal late Wednesday to reopen government, raise the debt ceiling and end a 16-day partial government shutdown.

Currency analysts forecast another Washington showdown early next year.

Source: Agencies

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