The Indian rupee strengthened on July 16 as global oil prices backed further away from record levels, marginally easing concerns over a widening trade deficit, but losses in local shares limited gains. The partially convertible rupee ended at 43.07/08 per dollar, 0.4 percent stronger than 43.23/24 at Tuesday''s close. It hit a 15-month low of 43.50 earlier this month.Oil prices came below $137 per barrel in the latter half of the day, so the rupee also edged up, a dealer with a private bank said. Oil was trading just above $137 a barrel. India''s government will have to prove its majority in a parliamentary vote next week after its communist allies withdrew support over a nuclear energy deal with the United States.
Thursday, July 17, 2008
Indian rupee up on lower oil - July 17, 2008
The Indian rupee strengthened on July 16 as global oil prices backed further away from record levels, marginally easing concerns over a widening trade deficit, but losses in local shares limited gains. The partially convertible rupee ended at 43.07/08 per dollar, 0.4 percent stronger than 43.23/24 at Tuesday''s close. It hit a 15-month low of 43.50 earlier this month.Oil prices came below $137 per barrel in the latter half of the day, so the rupee also edged up, a dealer with a private bank said. Oil was trading just above $137 a barrel. India''s government will have to prove its majority in a parliamentary vote next week after its communist allies withdrew support over a nuclear energy deal with the United States.
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