Rupee opens high at 44.12/15 against US dollar

Mumbai, Jan 31 (UNI) The Rupee today opened higher at 44.12/15 against the US dollar compared to its last close of 44.20/21 on fresh demand of dollar from foreign banks, dealers said.

The Reserve Bank of India(RBI) is expected to raise key short- term interest rates when it announces monetary policy this noon.

The rupee rose to a near one-year high on Wednesday after Standard and Poor's raised India's ratings, raising hopes for renewed capital inflows in the coming months.

Later, the partially convertible rupee was at 44.14/15 per dollar after rising to 44.12, its highest since February one, 2006.

Standard&Poor's on Tuesday raised India's sovereign credit rating to investment grade, this move would open up Indian asset markets to global investors.

India has expanded at an average of 8 per cent annually in the past three years and the policymakers are aiming to step up to 9 per cent growth in the next five years, brokers added.

UNI