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Rupee may strengthen on RBI's move
June, 02nd 2008

The rupee may rise early on Monday after the central bank said it would provide foreign exchange to oil refiners, a move analysts said would reduce dollar demand in the currency market.

* India imports a majority of its oil and refiners, the biggest buyers of dollars in the currency market, have been very active in the past few weeks pushing the rupee down to a 13-month low of 43.21 per dollar on May 22.

* The partially convertible rupee ended at 42.45/46 on Friday, off an intraday peak of 42.43, its highest since May 15 and stronger than the previous close of 42.785/795.

* After the market closed on Friday, the central bank said it would conduct open market operations in the secondary market in oil bonds held by state-run oil companies to provide liquidity to crude refiners. See: [ID:nBOM269623]

* Japanese government bond prices dropped on Monday, hit by negative sentiment ahead of auctions this week and global inflation on the rise. Oil prices held steady above $127 a barrel. Asian stocks edged higher.


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