Rupee opens higher at 40.37/38 per USD

Mumbai, Aug 3: Rupee today opened higher by five paise at 40.37/38 per US dollar compared to previous close at 40.42/43 per dollar, tracking gains in Asian stocks and currencies which helped calm worries of capital outflows, dealers said.

Later, the partially convertible rupee was at 40.35/36 per dollar, moving up from the last day's close at 40.42/43.

It was within striking distance of a nine-year peak of 40.20 hit last week.

The rupee received support from recovery in other Asian currencies against the dollar, after a rally in stock markets helped investors overcome some of their concerns about a squeeze in global credit markets. Asian stocks rose after a second straight session of gains on Wall Street on August 2, dealers added.

UNI