Rupee at over one-week high in early trade

Mumbai, July 11 – The rupee rallied to a more than one-week high and bond yields fell on Thursday on easing worries about selling by foreign investors after comments from Federal Reserve chairman Ben Bernanke on US stimulus were seen as more dovish.

 

Bernanke said on Wednesday a highly accommodative monetary policy would be needed for the foreseeable future, sparking hopes any tapering of the asset purchase programme may not be necessarily close.

 

The partially convertible rupee was at 59.38/39 per dollar at 9:01am (0331 GMT), after opening at 59.32, its strongest since July 2. The rupee closed at 59.66/67 on Wednesday.

 

TOI