Rupee gains 15 paise against USD on fresh inflows

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Forex
Mumbai, Feb 27: The Rupee today climbed fifteen paise to open at 39.76/77 per US Dollar from its previous close of 39.91/92 per dollar on sustained inflows in stock markets. Dealers anticipated a spurt of foreign buying of equities and other assets. The prospect of more rate cuts by the US Federal Reserve knocked the dollar lower in the global market, dealers said.

''The dollar is under renewed pressure across the world, which was reason for the rupee's gaining strength against the US currency,'' said a dealer with a foreign bank. Last week, the Indian currency hit a five month low at 40.25 per dollar. India's benchmark share index was up more than 300 points in mid-morning today, spurring hopes of a wave of investments from foreign funds, dealers added.

UNI

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