Indian Rupee opens higher on New Year

Mumbai, Jan 1: Indian rupee strenghtened in opening trade for the New Year on Thursday, Jan 1 on hopes for fresh capital flows into local shares after global markets rose, but dollar demand from importers could limit a sharp rise.

At 09:02 am, the partially convertible rupee was at 48.50/58 per USD (US Dollar), stronger than its previous close of 48.70/72. In 2008 Rupee had fallen 19 per cent, its biggest yearly fall since a balance of payments crisis in the early 1990s as the global financial crisis triggered a surge in
capital outflows.

OneIndia News (With inputs from Agencies)