Rupee opens high at 44.37/38 against per US dollar

Mumbai, Jan 15 (UNI) The Rupee today opened high at 44.37/38 against per US dollar compared to 44.41/43 per US dollar on fresh demand from Foriegn banks, dealers said.

The Indian Rupee rose on Monday after the yen edged up against the dollar, with last week's robust industrial output data boosted expectations for higher foreign investment in the stock market.

The partially convertible rupee rose for the second successive day to 44.37/38 per dollar, about 0.09 per cent firmer than the previous close of 44.41/42.

The yen edged up from a 13-month low against the dollar on expectations the Bank of Japan would raise interest rates at a policy meeting later this week.

Investors expect foreign fund flows into local equities to pick up after official data reinforced expectations of a booming economy.

Data released on Friday showed industrial output in November rose 14.4 per cent from a year earlier, the fastest growth in more than a decade, supporting expectations that Asia's fourth-largest economy would continue to grow strongly.

The data has raised expectations of the central bank raising interest rates, which would push the rupee up. The Reserve Bank of India reviews monetary policy on January 31, dealers added.

UNI