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Rupee gains in opening deals
July, 16th 2008

The rupee gained in opening deals on Wednesday, backing away from one-week closing lows after a sharp drop in global oil prices eased concerns of a widening trade deficit.

At 9:14 am, the partially convertible rupee was at 43.14/15 per dollar, stronger than Tuesday's close of 43.23/24.

Crude oil, India's biggest import, was trading below $139 a barrel, after falling more than $6 on Tuesday.

Asian stocks slipped on Wednesday as investors grew more pessimistic about global growth prospects, knocking oil below $140 a barrel.

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