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.
Showing posts with label lower oil. Show all posts
Showing posts with label lower oil. Show all posts
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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