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Forex »
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 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
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Rupee strengthened to its strongest level in 25 months
October, 07th 2010

The rupee strengthened to its strongest level in 25 months on Thursday, probably on inflows related to a qualified institutional placement by a large automobile company, four dealers said. By 12:15 p.m. (0645 GMT), the partially convertible rupee was at 44.15/16 per dollar, after hitting 44.13, its strongest since Sept. 8, 2008 and stronger than 44.49/50 at close on Wednesday.

J. Moses Harding, head of global markets at IndusInd Bank said the rupee could breach 44.20 and head to sub-44.00 in the near term.

Emerging economies should consider steps to contain fund flows that could cause currency rallies and asset bubbles, the World Bank chief was quoted as saying, but the International Monetary Fund called such actions "undesirable".

India's central bank is considering measures to deal with an influx of foreign fund flows, a Reserve Bank of India (RBI) deputy governor had said on Tuesday.

"There will be a bit of volatility on move into 43.50-44.00 window. The RBI may check this rapid rupee rise and guide it back to 45.00. Over all, market participants should be prepared for two-way volatility within 43.50-45.00 in the near term.

The IMF also raised India's 2010 growth forecast to 9.7 percent from 9.4 percent earlier and dealers said this could boost foreign fund investments in the country.

Foreign funds have bought a record $20.3 billion of Indian equities so far this year, with more than a quarter of that having come since the start of September. The dollar was mired near a 15-year low versus the Japanese yen and an eight-month low against the euro on Thursday on the spectre of more money-printing by the US Federal Reserve as early as next month.

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