Sharp rise in rupee

by praveen
September 20th, 2007

The rate cut by the U.S. Federal Reserve set the rupee on fire and it breached its previous nine-year high to end at new peak of 40.20/21 on Wednesday against the U.S. Currrency amind sharp rally in global equities.

In active trade at the interbank foreign exchange market, the domestic unit opened strong at 40.28/30 per dollar against Tuesday’s close of 40.48/49

It later briefly touched a low of 40.35 before ending the day sharply higher at new nine-year peak of 40.20/21, a net rise if 28 paise over the previous close. It also registered a intra-day high of 40.19 a dollar. Previously, it touched a nine-day high of 40.20 in July this year.